Hassan Maishera
TL;DR
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Asset management firms Bitwise and Strive have filed for ETFs to invest in companies with Bitcoin treasuries.
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Strive was co-founded by Vivek Ramaswamy, who is slated to co-lead the Department of Government Efficiency (DOGE) alongside Elon Musk.
SEC Confirms Two New ETF Applications
The United States Securities and Exchange Commission (SEC) has confirmed in recent filings that two new ETFs seek to capitalize on the growing trend of corporations adopting Bitcoin treasuries.
The first ETF was filed by asset manager Bitwise, which already manages numerous cryptocurrency ETFs. The ETF would invest in companies that have adopted the Bitcoin standard.
According to the prospectus, the companies with a Bitcoin standard hold more than 1,000 BTC and meet basic size and liquidity requirements: a market capitalization of over $100 million, average daily liquidity of over $1 million, and a public free float of less than 10%.
Per the filing, the fund would be called the Bitwise Bitcoin Standard Corporations ETF, and shares in the companies will be bought by considering the value of their BTC holdings.
The second filing was by Strive, an asset management firm co-founded by Vivek Ramaswamy. Vivek is set to co-lead the Department of Government Efficiency (DOGE) alongside Elon Musk.
The Strive Bitcoin Bond ETF explicitly mentions MicroStrategy. The fund will gain exposure to convertible securities issued by MicroStrategy Incorporated or other companies that Strive expects will invest all or a significant portion of the proceeds in purchasing Bitcoin (collectively, 'Bitcoin Bonds').
The Strive Bitcoin Bond ETF is classified as "non-diversified," implying that it may invest more in assets from a particular issuer without a specific weighting scheme.
