Bitwise To Launch New ETF That Tracks Bitcoin-Rich Firms

Key Takeaways

• Bitwise has filed for a Bitcoin Corporations ETF targeting public companies with Bitcoin reserves.
• Eligible companies must hold at least 1,000 BTC in corporate treasury and meet specific market criteria.
• Over 30 public companies globally qualify, with leaders like MicroStrategy at the forefront.

Crypto asset manager Bitwise has announced plans for an exchange-traded fund (ETF) designed to track public companies that adhere to a “Bitcoin standard.”

Dubbed the Bitcoin Standard Corporations ETF, the fund aims to spotlight firms holding at least 1,000 BTC on their balance sheets.

The proposed ETF reflects growing demand for Bitcoin investment products, with Bitwise seeking to provide investors a more diversified entry into corporate adoption of crypto.

Bitwise New ETF to Track Companies With 1000 BTC

According to the filing , companies eligible for inclusion must meet stringent benchmarks, including:

• Holding a minimum of 1,000 BTC in corporate treasury.
• A market capitalization of at least $100 million.
• Daily trading liquidity of $1 million or more.
• Less than 10% privately held stock.

Bitwise plans to update its index quarterly using public corporate reports, assigning company weights based on their Bitcoin holdings. Single constituents will be capped at a maximum of 25%, ensuring balanced exposure.

At least 30 companies worldwide currently meet these criteria. MicroStrategy , a vocal proponent of the Bitcoin standard, leads with a staggering 444,262 BTC. Others in the top tier include mining giants MARA, Riot, and Hut 8.

These firms are predominantly based in the United States, Canada, and Asia, with countries like Japan, Hong Kong, and Thailand emerging as notable contributors.

List of public firms holding BTC on their balance sheet. Source: Hodl15 on X

Rising Appetite for Bitcoin-Based Investments

The introduction of the Bitcoin Corporations ETF underscores the institutional pivot toward direct Bitcoin exposure.

Despite the proliferation of spot Bitcoin ETFs in 2024 , the latest product signals sustained enthusiasm for tailored Bitcoin investments.

The crypto market’s evolution has seen distinct driving forces in each bull cycle.

In 2017, retail investors drove Bitcoin’s ascent to $19,000.

By 2021, institutions entered the fray but primarily invested indirectly through crypto firms like FTX and Coinbase.

In 2024, the narrative has shifted. Institutions are now embracing Bitcoin itself, with the world’s largest asset managers leading the charge.

BlackRock CEO Larry Fink, once skeptical of cryptocurrency, has called Bitcoin the “digital equivalent of gold,” epitomizing the changing sentiment.