Two new ETFs seek to capitalize on the growing trend of public companies adding bitcoin to their corporate treasuries.
Public companies buying bitcoin has been one of the big themes of 2024 and asset management companies are taking notes. Bitwise filed Thursday for an ETF that includes only corporations with at least 1,000 BTC in its treasury. Strive Asset Management filed for the Bitcoin Bond ETF, which seeks exposure to MicroStrategy's convertible securities.
As more companies pledge to buy the largest cryptocurrency for their treasuries, crypto has entered, more than ever before, the mainstream conversation. Bitcoin has increased almost 130% this year, breaking record highs on several occasions. It is currently hovering near the psychological threshold of $100,000. The ETFs approved in January have seen net inflows of $36 billion and amassed over 1 million BTC. In addition, the number of publicly traded companies saying they're adding bitcoin to their corporate treasury is accelerating. The trend, which started with MicroStrategy (MSTR) in 2020, recently attracted KULR Technology (KULR), a maker of energy storage products for the space and defense industries. The Houston, Texas-based company said itNow Bitwise Asset Management, which already has spot bitcoin and ether ETFs, has applied for an exchange-traded fund to track thein treasury. Other requirements for the fund, dubbed Bitwise Bitcoin Standard Corporations ETF, are a market capitalization of at least $100 million, a minimum average daily liquidity of at least $1 million and a public free float of less than 10%, according to the Dec. 26 filing. A second Thursday filing was made by Strive Asset Management, co-founded by Vivek Ramaswamy, a politician in the administration of U.S. President-elect Donald Trump. Theseeks exposure through derivative instruments such as MicroStrategy's convertible securities in an actively managed ETF. The bonds have been a massive succes
BITCOIN Etfs CORPORATE TREASURIES INVESTMENT CRYPTOCURRENCY
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