Bitwise has launched an exchange-traded fund (ETF) holding shares of firms with massive Bitcoin (BTC) treasuries, the asset supervisor mentioned on March 11.
The Bitwise Bitcoin Normal Firms ETF (OWNB) “seeks to trace the Bitwise Bitcoin Normal Firms Index, a brand new fairness index of firms with not less than 1,000 bitcoin of their company treasuries,” Bitwise said.
The ETF is the most recent in a flurry of recent funding merchandise aimed toward providing publicity to firms with massive Bitcoin treasuries.
“Lots of people surprise: Why do firms purchase and maintain bitcoin? The reply is easy: For the very same causes individuals do,” Matt Hougan, Bitwise’s chief funding officer, mentioned in a press release.
“These firms understand bitcoin as a strategic reserve asset that’s liquid and scarce — and never topic to the whims or cash printing of any authorities.”
Public firms are among the many largest institutional Bitcoin holders. Supply: BitcoinTreasuries.NET
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Index of Bitcoin patrons
As of March 11, the ETF’s largest holdings embrace Technique (MSTR), Michael Saylor’s de facto Bitcoin fund, and Bitcoin miners comparable to MARA Holdings (MARA), CleanSpark (CLSK), and Riot Platforms (RIOT).
It additionally contains shares comparable to gaming firm Boyaa Interactive and funding supervisor Galaxy Digital (GLXY).
Bitwise’s index is weighted based mostly on the quantity of Bitcoin held, with the most important holding capped at 20%, the asset supervisor mentioned.
OWNB’s largest holdings. Supply: BItwise
Bitcoin treasuries take off
In 2024, rising Bitcoin costs despatched shares of Technique hovering greater than 350%, based on data from FinanceCharts. The transfer prompted dozens of different firms to start out accumulating Bitcoin treasuries. According to BitcoinTreasuries.NET, company Bitcoin holdings exceed $54 billion as of March 11.
Technique stays the most important company Bitcoin holder, with a treasury value greater than $41 billion, the information reveals.
Even the US authorities has created a strategic Bitcoin reserve, initially comprising solely Bitcoin seized by regulation enforcement.
Different asset managers are launching comparable funding merchandise to Bitwise’s. In December, asset supervisor Attempt, based by former US presidential hopeful Vivek Ramaswamy, asked United States regulators for permission to checklist an ETF investing in convertible bonds issued by Technique and different company Bitcoin patrons.
The ETF seeks to supply publicity to “Bitcoin Bonds,” described as “convertible securities” issued by firms that plan to “make investments all or a good portion of the proceeds to buy Bitcoin,” based on the submitting.
Asset supervisor REX Shares can also be getting ready to launch a Bitcoin company treasury ETF, it said on March 10.
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