KeyTakeaways:
- Bitwise launches OWNB ETF to trace corporations holding 1,000+ BTC in company treasuries.
- ETF consists of corporations like Technique, Riot Platforms, and Clear Spark with over 650,000 BTC.
- Bitwise expands ETF choices with Aptos and Dogecoin funds amid Bitcoin ETF outflows.
Bitwise has introduced the Bitwise Customary Firms ETF, a brand new fund designed to show traders to corporations holding Bitcoin on their stability sheets. This ETF doesn’t immediately spend money on Bitcoin however tracks the efficiency of corporations that meet particular standards for Bitcoin holdings.
The fund’s ticker is OWNB, and it’s the first exchange-traded fund of its type accepted by the U.S. Securities and Alternate Fee (SEC). The transfer comes amid a market downturn in Bitcoin costs, which have not too long ago fallen to $77,000.
The Bitwise OWNB ETF targets publicly traded corporations that maintain at the least 1,000 Bitcoin of their company treasuries. This threshold, which is a benchmark within the crypto sector, ensures diversification. The holdings inside the ETF are weighted by the quantity of Bitcoin every firm holds, with a cap of 20% on the most important particular person holding.
Moreover, any firm with BTC holdings over 1,000 however making up lower than 33% of the agency’s complete belongings will likely be routinely assigned a 1.5% weight within the ETF. The fund will bear quarterly rebalancing to replicate adjustments in company Bitcoin holdings.
Corporations to Be Included within the Index
A number of outstanding corporations that maintain Bitcoin reserves are anticipated to be a part of the OWNB ETF. These embody Technique, MARA Holdings, Clear Spark, Riot Platforms, and Boyaa Interactive.
Learn Additionally: MARA Holdings Loans 7,377 BTC in Strategic Yield Play Amid Industry Concerns
These corporations collectively maintain over 650,000 BTC, marking Bitcoin’s place inside company stability sheets. Technique is reportedly seeking to safe an extra $21 billion to buy extra Bitcoin, whereas different corporations are additionally exploring the opportunity of including Bitcoin to their reserves.
Bitwise’s resolution to launch the OWNB ETF comes when Bitcoin exchange-traded funds (ETFs) are experiencing outflows as investor enthusiasm for the cryptocurrency wanes. Regardless of this, Bitwise continues its push into the ETF house, having additionally filed an S-1 for an Aptos ETF. The corporate has partnered with Maple Finance to offer on-chain credit score and can be trying right into a Dogecoin ETF.
Learn Additionally: Bloomberg Analyst Earmarks Litecoin and Dogecoin as the Next Crypto ETF Products
Because the variety of corporations with Bitcoin on their stability sheets grows, the launch of Bitwise’s OWNB ETF permits traders to achieve publicity to this rising pattern with out immediately holding the cryptocurrency.
