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Bitwise Files for Bitcoin Standard Corporations ETF with the U.S. SEC
December 27, 2024 – In a significant development in the cryptocurrency market, Bitwise Asset Management has filed with the United States Securities and Exchange Commission (SEC) to introduce the “Bitcoin Standard Corporation ETF,” an exchange-traded fund designed to invest in publicly traded companies holding substantial Bitcoin reserves.
To qualify for inclusion in this ETF, the selected companies must meet specific criteria. These conditions include a minimum of 1,000 BTC in corporate treasury, a market capitalization of at least $100 million, daily trading liquidity of about $1 million or more, and less than 10% of their stock privately held.
The ETF will allocate its investments based on the amount of Bitcoin each company owns, with no single company making up more than 25% of the fund. This structure is designed to provide investors with a diversified exposure to publicly traded companies that have already demonstrated significant commitment to Bitcoin adoption.
Notably, companies like MicroStrategy and Tesla meet these criteria, indicating substantial corporate interest in utilizing Bitcoin as a treasury asset.
The launch of this ETF comes at a time when big investors are increasingly drawn to Bitcoin. This year has seen a significant surge in Bitcoin’s price, partly attributed to the introduction of new investment products such as ETFs. In fact, investors have already poured around $29 billion into Bitcoin ETFs since they were approved earlier this year.
The SEC approval of multiple Bitcoin ETFs recently suggests that regulatory bodies are becoming more accepting of cryptocurrency-related investments. This increased openness may pave the way for further innovation and growth in the industry.
It will be interesting to see how Bitwise’s new ETF proposal fares with the SEC, given the growing enthusiasm for Bitcoin investments.
Source: www.cryptonewsz.com
