#BitwiseBitcoinETF Bitwise, a crypto investment fund manager, recently filed with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) called the Bitcoin Standard Corporations ETF. 

This ETF seeks to invest in publicly traded companies that hold at least 1,000 bitcoins (BTC) in their treasury. Eligibility criteria for these companies include a market capitalization of at least $100 million, average daily liquidity of at least $1 million, and a public float of more than 10%. 

The weighting of stocks in the ETF will be based on the market value of the companies’ bitcoin reserves, with a maximum limit of 25% per company. For example, MicroStrategy, which holds 444,262 BTC, would have a higher weighting than Tesla, which holds 9,720 BTC, despite having a lower market cap. 

The move reflects a growing trend of companies integrating bitcoin into their treasuries, as the cryptocurrency has seen a significant increase in value this year, peaking at around $108,000 in early December. 

In parallel, Bitwise already offers a Bitcoin ETF (BITB) that provides direct exposure to bitcoin.

This new ETF proposed by Bitwise would allow investors to gain indirect exposure to bitcoin by investing in companies that hold substantial reserves of the cryptocurrency, providing an alternative to traditional bitcoin-based ETFs.