The Bitwise Bitcoin Standard Corporations ETF
- ETF investing in companies holding at least 1,000 Bitcoin
- Companies must have a market capitalization of at least $100 million
- KULR Technology Group initiates Bitcoin Treasury strategy with 217.18 Bitcoin purchase
Bitwise has submitted a proposal to US regulators for a new exchange-traded fund (ETF) that will focus on investing in publicly traded companies with significant Bitcoin reserves.
The Bitwise Bitcoin Standard Corporations ETF will target businesses that hold a minimum of 1,000 Bitcoin in their corporate treasuries, as per a filing with the US Securities and Exchange Commission (SEC) on December 26.
Requirements for Inclusion
To be eligible for the ETF, companies must meet the following criteria:
- Market capitalization of at least $100 million
- Average daily liquidity of $1 million or more
- Public free float of less than 10%
The ETF from Bitwise will allocate stock weight based on a company’s Bitcoin holdings’ market value, with a cap of 25%.
Recent Developments
Bitcoin’s value has surged following the US election results, reaching an all-time high above $107,000. Bitwise’s CIO, Matt Hougan, noted in a client memo that the election outcome would impact the crypto market.
Several companies have been acquiring Bitcoin to boost stock prices. MicroStrategy, for instance, announced the purchase of an additional 5,262 Bitcoin for $561 million, bringing their total holdings to 444,262 Bitcoin.
In a related move, KULR Technology Group began its Bitcoin Treasury strategy by acquiring 217.18 Bitcoin for $21 million.
KULR Technology Group, Inc. ( $KULR ) initiates its Bitcoin Treasury strategy with the purchase of 217.18 $BTC for $21M, at an average of $96,556 per BTC.
Using $COIN’s Prime platform for custody and wallets, KULR plans to allocate up to 90% of surplus cash to BTC.https://t.co/GClCvKTjUH pic.twitter.com/DFqAxDm0vS
— KULR Technology (@KULRTech) December 26, 2024
