#BitwiseBitcoinETF Bitwise, an exchange-traded fund (ETF) issuer, submitted a proposal to introduce a new fund designed to invest in publicly traded companies with substantial Bitcoin holdings.
The Bitwise Bitcoin Standard Corporations ETF would invest in companies “that have adopted the ‘Bitcoin standard’” and hold at least 1,000 Bitcoin
tickers down
$94,622
in their corporate treasuries, according to a Dec. 26 regulatory filing.
The Bitcoin-holding firms would be required to have a market capitalization of at least $100 million, a minimum average daily liquidity of at least $1 million and a public free float of under 10% to be included in the ETF.
Unlike other ETFs, which typically give weight to stock holdings based on company market caps, Bitwise’s fund would assign weight to its holdings based on the market value of the firm’s Bitcoin treasuries, capped at a maximum weight of 25%.
It would mean, for example, that Tesla, with its $1.42 trillion market cap, would have less weighting in Bitwise’s ETF than MicroStrategy, with its $83.5 billion market cap, because Telsa owns 9,720 BTC to MicroStrategy’s 444,262 BTC.
