- The Bitwise Bitcoin Commonplace Firms ETF would spend money on companies that “hold at least 1,000 Bitcoin”
- Firms must have a market capitalization of a minimum of $100 million to be included in Bitwise’s proposed ETF
- KULR Know-how Group began its Bitcoin Treasury technique with the acquisition of 217.18 Bitcoin for $21 million
Bitwise has filed a proposal with US regulators to launch a brand new exchange-traded fund (ETF) to spend money on publicly traded firms that maintain substantial Bitcoin reserves.
Below the Bitwise Bitcoin Commonplace Firms ETF, the ETF issuer would spend money on companies that “hold at least 1,000 Bitcoin in its corporate treasury,” in response to a December 26 submitting with the US Securities and Alternate Fee (SEC).
To additional qualify to be included within the ETF, firms must have a market capitalization of a minimum of $100 million, a median every day liquidity of $1 million or extra, and a public free float of lower than 10%.
The proposed ETF from Bitwise would assign inventory weight primarily based in the marketplace worth of an organization’s Bitcoin holdings, making certain that is capped at 25%.
Reaching new heights
The information comes as Bitcoin has skilled an increase in worth following the US election win of President-elect Donald Trump. At its peak, Bitcoin reached a brand new all-time excessive above $107,000 earlier this month. In a consumer memo in November, Bitwise’s CIO Matt Hougan mentioned the US election was both going to be a “speed bump” or a “wind gust” for the crypto market.
Considerably, in latest weeks, extra firms have been shopping for Bitcoin to push up inventory costs. On December 23, MicroStrategy introduced on X that it now holds 444,262 Bitcoin after buying an extra 5,262 Bitcoin for $561 million.
In different associated information, KULR Know-how Group introduced on December 26 that it had began its Bitcoin Treasury technique with the acquisition of 217.18 Bitcoin for $21 million.
KULR Know-how Group, Inc. ( $KULR ) begins its Bitcoin Treasury technique with the acquisition of 217.18 $BTC for $21M, averaging $96,556 per BTC.
Utilizing $COIN ’s Prime platform for custody and wallets, KULR is allocating as much as 90% of surplus money to BTC. pic.twitter.com/DFqAxDm0vS
— KULR Know-how (@KULRTech) December 26, 2024
