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Bitwise Files for Bitcoin Reserve ETF Tracking Firms With BTC Holdings
In a recent move, digital asset management firm Bitwise has filed with the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin Reserve ETF that tracks companies holding bitcoin on their balance sheets.
According to the filing, eligible firms must have a market capitalization of $100 million or more, average daily liquidity of at least $1 million, and a public free float below 10%. The proposed ETF would invest in publicly traded companies that hold at least 1,000 BTC in their corporate treasuries.
The Bitwise Bitcoin Reserve ETF aims to provide indirect exposure to bitcoin reserves by investing in stocks of firms with significant BTC holdings. MicroStrategy, known for its large-scale bitcoin allocations, may be a key component of the fund.
The proposed ETF’s methodology diverges from traditional ETFs, which are weighted by market capitalization. Instead, it would base weightings on the market value of firms’ bitcoin holdings, capped at 25% to ensure diversification and risk management.
Source: http://www.crypto-news.net
