Bitwise launches ETF focused on firms with large Bitcoin reserves

Bitwise Asset Management has launched the Bitwise Bitcoin Standard Corporations ETF (OWNB), an exchange-traded fund tracking companies that hold at least 1,000 Bitcoin (CRYPTO:BTC) in their treasuries.

Introduced on March 11, the ETF provides exposure to firms using Bitcoin as a strategic reserve asset.

Its largest holding is MicroStrategy (MSTR), accounting for 20% of the fund, followed by Bitcoin mining firms such as MARA Holdings, CleanSpark, and Riot Platforms.

Additional holdings include Boyaa Interactive and Galaxy Digital.

The ETF’s index is weighted based on Bitcoin holdings, with a 20% cap on individual stocks for diversification.

“These companies perceive Bitcoin as a strategic reserve asset that’s liquid and scarce — and not subject to the whims or money printing of any government,” Bitwise Chief Investment Officer Matt Hougan stated.

Corporate Bitcoin adoption has increased, with public companies holding over $54 billion in BTC.

MicroStrategy leads with over $41 billion in reserves, according to BitcoinTreasuries.NET.

Trading under the ticker OWNB on NYSE Arca, the ETF rebalances quarterly, offering an alternative way to gain Bitcoin exposure without direct ownership.

This launch aligns with a broader trend of financial products targeting corporate Bitcoin holdings.

Other asset managers, including Strive and REX Shares, are developing similar ETFs, with Strive filing for a “Bitcoin Bond” ETF investing in convertible securities for BTC acquisitions.

Bitwise’s new ETF underscores rising institutional interest in Bitcoin and its role as a corporate reserve asset, providing investors with indirect exposure while mitigating direct ownership risks.

CoreWeave has secured a five-year, $11.9 billion deal with OpenAI to expand computing capacity for AI model training and deployment.

Announced on March 11, the agreement positions CoreWeave as a key partner in supporting OpenAI’s advanced AI systems, including ChatGPT.

As part of the deal, OpenAI will acquire $350 million in CoreWeave stock through a private placement linked to the company’s upcoming Nasdaq IPO under the ticker "CRWV."

CoreWeave aims to raise $4 billion, targeting a valuation exceeding $35 billion.

“This contract underscores CoreWeave’s proven ability to deliver reliable infrastructure services, powering AI innovations for world-leading labs,” CEO Michael Intrator stated.

“Advanced AI systems require reliable compute, and we’re excited to scale with CoreWeave to offer great services to even more users,” OpenAI CEO Sam Altman added.

The deal comes as CoreWeave seeks stability after Microsoft canceled certain contracts due to missed deadlines.

Microsoft accounted for over 60% of CoreWeave’s revenue in 2024, making this new partnership crucial for offsetting losses and boosting investor confidence.

Originally focused on Ethereum mining, CoreWeave pivoted to AI infrastructure after Ethereum’s 2022 transition to proof-of-stake.

By the end of 2024, the company operated 32 data centers with over 250,000 Nvidia GPUs, driving revenue from $229 million in 2023 to $1.92 billion in 2024.

With demand for AI computing infrastructure surging, competitors like Amason, Oracle, and Google are also expanding their cloud-based AI services.

CoreWeave’s agreement with OpenAI strengthens its position in the AI sector while setting the stage for one of the largest IPOs in recent years.

At the time of reporting, the Bitcoin (BTC) price was $82,539.77.