Bitwise Files Bitcoin Standard ETF Tracking Firms with BTC Reserves

Bitcoin Bitwise ETF

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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December 26, 2024

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Bitwise Asset Management has filed with regulators to launch a new exchange-traded fund (ETF) targeting publicly traded companies with substantial Bitcoin reserves. The proposed Bitwise Bitcoin Standard Corporations ETF would invest in firms that have at least 1,000 BTC in their corporate treasury.

In its regulatory filing submitted on December 26, Bitwise outlined the criteria for companies to be included in the fund. To qualify, a company must have a market capitalization of at least $100 million, an average daily liquidity of $1 million or more, and a public float of at least 10%.

The Bitwise Bitcoin Standard Corporations ETF will prioritize the value of a company’s Bitcoin holdings when assigning weight to each stock. However, to ensure diversification, no individual stock will make up more than 25% of the ETF’s total weight.

More Companies Look to Adopt Bitcoin Reserve

The filing comes as more public companies are turning to Bitcoin to boost their stock value. The cryptocurrency surged by 117% in 2024, briefly surpassing $100,000 per Bitcoin in November before settling at around $95,800. KULR Technology Group, one of the latest to embrace Bitcoin, made headlines with its $21 million purchase of 217.18 BTC on December 16. Following the announcement, KULR’s stock price jumped by over 40%, closing at an all-time high of $4.80.

In a related move, Strive, an investment firm founded by Vivek Ramaswamy, has also filed for an ETF that would focus on “Bitcoin Bonds.” The fund would invest in convertible bonds issued by Bitcoin-heavy companies such as MicroStrategy.

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