Bitwise has rolled out an exchange-traded fund (ETF) to trace enterprises with bitcoin on their stability sheets. The newly minted ETF doesn’t spend money on Bitcoin however gives publicity to firms holding the asset of their company treasuries.
Bitwise Launches OWNB ETF To Track Corporate Bitcoin Holders
According to a statement, Bitwise has clinched the approval of the US SEC to launch a brand new ETF monitoring company Bitcoin holders. Per the discharge, Bitwise’s newest ETF will present publicity to Bitcoin-holding firms by way of an index technique.
The fund, dubbed the Bitwise Standard Corporations ETF, is the primary of its variety and can function with the ticker OWNB. Companies forming a part of the index have to fulfill sure situations together with proudly owning no less than 1,000 BTC.
The holdings are weighted by the owned BTC with the biggest possession capped at 20% for diversification. Bitwise’s new ETF will assign an automated weighting of 1.5% to companies with BTC holdings over 1,000 however make up lower than 33% of the proprietary property.
Index rebalancing will happen quarterly with the assertion clarifying that the fund won’t spend money on bitcoin straight or not directly. The rollout comes in the midst of BTC ETF outflows as traders’ appetites attain new lows for Bitcoin.
Strategy and MARA Holdings To Be Indexed By The ETF
The Bitwise ETF will monitor Strategy, MARA Holdings, Clean Spark, Riot Platforms, and Boyaa Interactive amongst others given their spectacular BTC holdings.
“OWNB allows investors to gain exposure to a diverse array of forward-thinking companies through a familiar ETF wrapper,” stated Bitwise.
More than 70 publicly traded firms collectively maintain over 650,000 BTC on their stability sheets. Strategy is eyeing a recent $21 billion for BTC purchase whereas new corporations are angling to hitch the development.
Bitwise has since submitted an S-1 submitting for an Aptos ETF, placing a partnership with Maple Finance for on-chain credit score. The agency has its sights on a Dogecoin ETF whereas pledging a donation to the Bitcoin open-source improvement.
Aliyu Pokima
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