Vinicius Barbosa
United States companies are one step closer to adopting what Bitcoin (BTC) enthusiasts call “the Bitcoin standard” for treasury operations. Analysts weighed in as a new Bitcoin-based exchange-traded fund (ETF) waits approval, further spreading the BTC virus in Wall Street.
On December 26, Bitwise filed with the Securities and Exchange Commission (SEC) to launch the “Bitwise Bitcoin Standard Corporations ETF.” As described, the ETF will invest in over-$100 million market cap companies holding at least 1,000 BTC in their corporate treasuries.
With that, the asset manager intends to provide further indirect Bitcoin exposure to Wall Street’s stock market. At the same time, Bitwise’s proposed fund, if approved, could encourage more companies to follow MicroStrategy’s (NASDAQ: MSTR) example.
“The btc treasury operations virus is spreading,” Nate Geraci, president of ETF Store and host of ETF Prime Podcast, commented.
Companies eligible for the Bitwise Bitcoin Standard Corporations ETF
Bitwise has filed for the “Bitcoin Standard Corporations ETF,” targeting companies with significant Bitcoin holdings.
MicroStrategy leads the pack with over 444,262 BTC in its treasury, setting a precedent for corporate adoption. Tesla (NASDAQ: TSLA) is another company that holds substantial reserves, with 9,720 BTC. Notably, Semler Scientific (NASDAQ: SMLR) has also embraced the Bitcoin standard for its treasury, holding 2,084 BTC.
Publicly traded companies like KULR Technology Group have recently announced a $21 million investment in Bitcoin, joining the trend. However, it only holds 217.2 BTC and would not be eligible for the Bitwise Bitcoin Standard Corporations ETF.
Rumble, LQR House, RemixPoint, Genius Group, Cosmos Health, and Jiva Technologies have announced plans to allocate portions of their treasuries to Bitcoin, ranging from $1 million to $20 million.
According to BitcoinTreasuries data, there are 21 companies in the world and 13 in the U.S. that would be eligible for Bitwise’s new ETF as of December 27, 2024.
These moves come as Bitcoin’s market value continues to rise, with the cryptocurrency hitting an all-time high of over $108,000 in December 2024. This ETF, if approved, would invest in companies holding at least 1,000 BTC, worth around $100 million.
Bitwise’s initiative aims to provide investors with exposure to firms adopting Bitcoin, potentially reshaping corporate finance strategies. Moreover, the ETF’s weighting based on Bitcoin holdings could highlight smaller firms with large crypto reserves, increasing the growth potential. This development marks a pivotal moment for BTC’s integration into mainstream corporate finance, opening doors for a potential Bitcoin standard.
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