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Bitwise files ETF for firms holding over 1,000 BTC
In a move that highlights growing corporate adoption of Bitcoin amid its strong price performance this year, Bitwise Asset Management has filed with the Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) focused on publicly traded companies holding at least 1,000 Bitcoins in their corporate treasuries.
The proposed ETF, dubbed the “Bitcoin Standard Corporations ETF,” will invest in equity securities of firms that meet specific criteria, including a minimum market capitalization of $100 million, daily liquidity of at least $1 million, and a public float below 10%. Crucially, the fund’s holdings will be weighted by the companies’ Bitcoin reserves rather than their market capitalization. This unique approach could potentially create a new avenue for investors to gain exposure to publicly traded businesses that have bet big on Bitcoin.
According to the filing, Bitwise is seeking to list its ETF on NYSE Arca, pending SEC approval. The fund will be classified as non-diversified under the Investment Company Act of 2020, which could lead to a concentration of investments in fewer companies compared to traditional diversified funds.
Quarterly rebalancing will aim to maintain alignment with the index based on market conditions and changes in constituent companies’ Bitcoin holdings.
Source: cryptobriefing.com
