Key Takeaways
- Bitwise's ETF targets companies holding over 1,000 BTC.
- Weighting is determined by Bitcoin reserves, not market size.
- Corporate Bitcoin holdings now represent nearly 20% of all entity-held BTC.
Bitwise Asset Management has announced a new ETF proposal, the “Bitcoin Standard Corporations ETF,” designed to target publicly traded companies holding Bitcoin as part of their corporate treasury.
The ETF, filed with the U.S. Securities and Exchange Commission (SEC), introduces unique eligibility criteria:
- Companies must hold at least 1,000 BTC.
- A minimum market cap of $100 million.
- Daily trading liquidity of at least $1 million.
- Public float of over 90% of shares.
Weighting in the ETF is based on Bitcoin holdings rather than market size, with no single company exceeding 25% to maintain diversification.
Key players
Companies like MicroStrategy, which holds over 444,000 BTC, are expected to dominate the ETF due to their substantial Bitcoin reserves.
Other notable examples include Tesla, with 9,720 BTC, and KULR Technology Group, which recently acquired 217 BTC, boosting its stock price by 40%.
Corporate Bitcoin adoption has surged, with public companies now holding nearly 20% of Bitcoin held by entities worldwide, totaling 587,691 BTC.
Growing appetite
The ETF market is becoming competitive, with Strive Asset Management also filing for a Bitcoin Bond ETF.
Nate Geraci, President of The ETF Store, noted the trend as more corporations diversify with Bitcoin, saying:
The BTC treasury operations virus is spreading.
