Bitwise has launched an exchange-traded fund (ETF) holding stocks of companies with large Bitcoin (BTC) treasuries, the asset manager said on March 11. The Bitwise Bitcoin Standard Corporations ETF (OWNB) “seeks to track the Bitwise Bitcoin Standard Corporations Index, a new equity index of companies with at least 1,000 bitcoin in their corporate treasuries,” Bitwise said. The ETF is the latest in a flurry of new investment products aimed at offering exposure to companies with large Bitcoin treasuries.“A lot of people wonder: Why do companies buy and hold bitcoin?
The answer is simple: For the exact same reasons people do,” Matt Hougan, Bitwise’s chief investment officer, said in a statement.“These companies perceive bitcoin as a strategic reserve asset that’s liquid and scarce — and not subject to the whims or money printing of any government.”Public companies are among the largest institutional Bitcoin holders.
It also includes stocks such as gaming company Boyaa Interactive and investment manager Galaxy Digital (GLXY). Bitwise’s index is weighted based on the amount of Bitcoin held, with the largest holding capped at 20%, the asset manager said. OWNB’s largest holdings.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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