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Bitwise Files for Bitcoin Standard Corporations ETF with the SEC
December 27, 2024
In a move that is likely to send shockwaves through the cryptocurrency market, Bitwise Asset Management has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the “Bitcoin Standard Corporation ETF,” a new exchange-traded fund designed to track publicly traded companies holding significant Bitcoin reserves.
To qualify for inclusion in this ETF, companies will need to meet specific criteria, including holding at least 1,000 BTC in their corporate treasury, having a market capitalization of at least $100 million, maintaining a daily trading liquidity of over $1 million, and ensuring that no more than 10% of their stock is privately held. Once the ETF is approved, it will allocate its investments based on each company’s Bitcoin holdings, with no single company making up more than 25% of the fund.
The list of notable companies that meet these criteria already includes MicroStrategy, which holds approximately 444,262 BTC, and Tesla, which holds around 9,720 BTC. This significant corporate adoption of Bitcoin as a treasury asset is likely to continue driving interest in digital currencies going forward.
Interestingly, this ETF filing comes at a time when institutional investors are increasingly attracted to Bitcoin. This year alone, the price of Bitcoin has more than doubled, partly due to the launch of new investment products such as these ETFs. In fact, investors have already poured over $29 billion into Bitcoin ETFs since they were approved earlier in the year.
It’s also important to note that regulatory bodies are slowly but surely becoming more accepting of cryptocurrency-related investments. The SEC has recently approved several Bitcoin ETFs, indicating a growing willingness among regulators to see digital assets integrated into traditional finance.
Source: www.cryptonewsz.com
