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Title: Bitwise Files Bitcoin Standard ETF Featuring Top BTC-Holding Companies
MicroStrategy, a publicly traded business intelligence firm, currently boasts an estimated 444,262 BTC in its reserves. Despite the company’s market capitalization being significantly smaller than that of Tesla, MicroStrategy’s sizeable Bitcoin treasury would assign it a potentially higher weighting than Tesla, which holds approximately 11,509 BTC.
In related news, Bitwise has filed a proposal for a new ETF (Exchange-Traded Fund) dubbed the “Bitcoin Standard ETF.” According to the filing, this fund will focus on companies that hold significant amounts of bitcoin on their balance sheets or generate material revenues from Bitcoin-related activities. The investment strategy is designed to track the performance of publicly traded companies that have a significant connection to the cryptocurrency.
The fund’s objectives are to provide investors with exposure to the performance of these Bitcoin-focused businesses while minimizing risks associated with direct investment in bitcoin itself. This approach may appeal to institutional investors and individuals looking for a more diversified portfolio.
Notably, Bitwise’s filing mentions that it will invest at least 80% of its net assets in equity securities of companies that meet this criteria. The remaining 20% can be allocated to short-term instruments such as cash for liquidity purposes.
The community has reacted positively to the news, with Nate Geraci, president of The ETF Institute, tweeting “the ‘btc treasury operations virus is spreading.” James McKay, founder of McKay Research, added that “you know the ‘thing’ is important when exposure to a thing that owns the thing gets its own wrapper.”
Meanwhile, Strive Asset Management has also proposed an ETF called the Strive Bitcoin Bond ETF. This fund would target convertible bonds from companies holding significant amounts of bitcoin, similar to MicroStrategy.
The recent surge in interest in Bitcoin-focused ETFs and funds may be indicative of growing institutional adoption and mainstream acceptance of cryptocurrencies like Bitcoin.
Source: bitcoinist.com
