Asset management firm Bitwise is planning to launch a new ETF called the “Bitcoin Standard Corporations ETF.”
Additionally, Strive, an asset management firm co-founded by Vivek Ramaswamy, has also filed for a new ETF called the Bitcoin Bond ETF.
The growing trend of Bitcoin treasury adoption among corporations
On December 27, asset management firm Bitwise filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a new ETF called the Bitcoin Standard Corporations ETF. The fund will invest in companies that hold substantial amounts of Bitcoin as part of their corporate cash reserves.
According to the SEC filing, Bitwise will manage and own the index, referred to as Bitwise Index Services. The new ETF will invest in securities of companies included in this index.
Bitwise also established specific criteria for the companies that make up the index. In addition to requiring these companies to hold at least 1,000 Bitcoins, Bitwise also considers other financial conditions, including:
A minimum market capitalization of $100 million.
Average daily liquidity of at least US$1 million.
A publicly traded free float of less than 10%.
This move by Bitwise comes amid a growing trend of Bitcoin treasury operations among corporations.
Based on data from BitcoinTreasuries, publicly traded companies account for 49% (73 out of 149) of all entities currently holding Bitcoin. Furthermore, over the past two months, the amount of BTC held by publicly traded companies has increased by 60%. These companies currently collectively hold 587,687 BTC, representing 20% of the total Bitcoin held by all entities.
Entities Holding BTC. Source: BitcoinTreasuries
Diversified companies join the race for Bitcoin
Recently, many non-crypto companies have also joined the rush to accumulate Bitcoin. For example, companies such as Rumble, Anixa Biosciences, Interactive Strength, Hoth Therapeutics, Nano Labs, Solidion Technology, and Cosmos Health—operating in areas such as biotechnology, pharmaceuticals, sports, cloud services, and video sharing—have also announced Bitcoin purchases. The stocks of these companies immediately surged in value following the announcement.
The BTC treasury trade bug is spreading, Nate Geraci, President of The ETF Store, commented.
Additionally, Strive, an asset management firm co-founded by Vivek Ramaswamy, has filed for a Bitcoin Bond ETF. This ETF is expected to invest in convertible bonds issued by companies that Strive anticipates will allocate most or all of the funds raised from these bonds to purchase Bitcoin, referred to as “Bitcoin Bonds.”
The article Bitwise Targets ETF for Companies with Large Bitcoin Reserves appeared first on BeInCrypto Brasil.
