ETF issuer Bitwise plans to create ETF based on the shares of companies that have bought large amounts of bitcoins.
On December 26, Bitwise representatives applied to the US Securities and Exchange Commission for the release of Bitwise Bitcoin Standard Corporations ETF , which allows you to invest in securities of companies that:
- Own at least 1000 bitcoins worth $96,4 million at the current exchange rate;
- Have a capitalization level of $100 million or more;
- Have daily liquidity of at least $1 million;
- Less than 10% of shares were released into free circulation.
The assets of enterprises that meet these requirements will be presented in the new ETF depending on the number of bitcoins on the balance: the more coins, the higher the amount of investment in the company's securities. However, no more than 25% of funds will be invested in the shares of one institution.
If the regulator gives the go-ahead for the creation of Bitwise Bitcoin Standard Corporations ETF , Bitwise will be buying assets of qualifying companies. MicroStrategy will obviously be among them, owning $42,8 billion in bitcoins, topping the list of publicly traded companies by that metric. Along with MicroStrategy, the list could also include electric car maker Tesla and cryptocurrency exchange Coinbase, which hold $936,1 million and $913 million in bitcoins, respectively.
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