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Bitwise launches OWNB ETF to track companies holding 1,000+ BTC in corporate treasuries. ETF includes firms like Strategy, Riot Platforms, and Clean Spark with over 650,000 BTC. Bitwise expands ETF offerings with Aptos and Dogecoin funds amid Bitcoin ETF outflows.
Bitwise has introduced the Bitwise Standard Corporations ETF, a new fund designed to expose investors to companies holding Bitcoin on their balance sheets. This ETF does not directly invest in Bitcoin but tracks the performance of companies that meet specific criteria for Bitcoin holdings.
The fund’s ticker is OWNB, and it is the first exchange-traded fund of its kind approved by the U.S. Securities and Exchange Commission (SEC). The move comes amid a market downturn in Bitcoin prices, which have recently fallen to $77,000.
The Bitwise OWNB ETF targets publicly traded companies that hold at least 1,000 Bitcoin in their corporate treasuries. This threshold, which is a benchmark in the crypto sector, ensures diversification. The holdings within the ETF are weighted by the amount of Bitcoin each company holds, with a cap of 20% on the largest individual holding.
Additionally, any company with BTC holdings over 1,000 but making up less than 33% of the firm’s total assets will be automatically assigned a 1.5% weight in the ETF. The fund will undergo quarterly rebalancing to reflect changes in corporate Bitcoin holdings.
Companies to Be Included in the Index
Several prominent companies that hold Bitcoin reserves are expected to be part of the OWNB ETF. These include Strategy, MARA Holdings, Clean Spark, Riot Platforms, and Boyaa Interactive.
Read Also: MARA Holdings Loans 7,377 BTC in Strategic Yield Play Amid Industry Concerns
These firms collectively hold over 650,000 BTC, marking Bitcoin’s position within corporate balance sheets. Strategy is reportedly looking to secure an additional $21 billion to purchase more Bitcoin, while other companies are also exploring the possibility of adding Bitcoin to their reserves.
Bitwise’s decision to launch the OWNB ETF comes when Bitcoin exchange-traded funds (ETFs) are experiencing outflows as investor enthusiasm for the cryptocurrency wanes. Despite this, Bitwise continues its push into the ETF space, having also filed an S-1 for an Aptos ETF. The company has partnered with Maple Finance to provide on-chain credit and is also looking into a Dogecoin ETF.
Read Also: Bloomberg Analyst Earmarks Litecoin and Dogecoin as the Next Crypto ETF Products
As the number of companies with Bitcoin on their balance sheets grows, the launch of Bitwise’s OWNB ETF allows investors to gain exposure to this emerging trend without directly holding the cryptocurrency.
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