📈Bitwise plans to create an ETF based on the stocks of companies that have purchased large amounts of bitcoins.📈
On December 26, Bitwise representatives submitted an application to the U.S. Securities and Exchange Commission for the issuance of the Bitwise Bitcoin Standard Corporations ETF, which allows investment in the securities of firms that:
🚀Own at least 1000 bitcoins worth $96.4 million at the current exchange rate;
🚀Have a market capitalization of $100 million or more;
🚀Possess daily liquidity of at least $1 million;
🚀Have issued less than 10% of their shares in free circulation.
The assets of companies that meet these requirements will be represented in the new ETF based on the number of bitcoins on their balance sheets: the more coins, the higher the amount of investment in the firm's securities. However, no more than 25% of funds will be invested in the shares of any one institution.
If the regulator approves the creation of the Bitwise Bitcoin Standard Corporations ETF, Bitwise will purchase the assets of qualifying companies.