United States companies are inching closer to what Bitcoin (BTC) supporters refer to as the Bitcoin standard in treasury operations. Analysts indicate that a new Bitcoin-based exchange-traded fund (ETF) is pending approval, further spreading the BTC virus across Wall Street.
On December 26, Bitwise submitted a request to the Securities and Exchange Commission (SEC) to launch the Bitwise Bitcoin Standard Corporations ETF. This ETF is designed to invest in companies with a market cap exceeding $100 million that hold a minimum of 1,000 BTC in their treasuries. By doing this, the asset manager aims to give more indirect Bitcoin exposure to the stock market. If approved, Bitwise’s fund could motivate additional companies to emulate MicroStrategy’s (NASDAQ: MSTR) approach.
“The BTC treasury operations virus is spreading,” stated Nate Geraci, president of ETF Store and host of the ETF Prime Podcast.
The Bitwise Bitcoin Standard Corporations ETF will target companies with substantial Bitcoin holdings. Leading this trend is MicroStrategy, with over 444,262 BTC in its treasury, setting a significant example for corporate adoption. Tesla (NASDAQ: TSLA) also makes headlines with its holding of 9,720 BTC. Not overlooked is Semler Scientific (NASDAQ: SMLR), which has embraced the Bitcoin standard by maintaining 2,084 BTC in its treasury.
Additionally, publicly traded companies like KULR Technology Group have recently declared a $21 million investment in Bitcoin, riding the wave of this trend, though it holds just 217.2 BTC, rendering it ineligible for the Bitwise ETF. Other firms including Rumble, LQR House, RemixPoint, Genius Group, Cosmos Health, and Jiva Technologies have also expressed intentions to allocate parts of their treasuries to Bitcoin, with amounts ranging from $1 million to $20 million.
According to BitcoinTreasuries data, as of December 27, 2024, there are currently 21 companies globally and 13 in the U.S. meeting the criteria for Bitwise’s new ETF, all holding at least 1,000 BTC.
These developments coincide with Bitcoin’s impressive market surge, as it reached an all-time high of over $108,000 in December 2024. If the ETF gains approval, it would focus on companies that possess at least 1,000 BTC, valued at roughly $100 million.
Bitwise’s initiative strives to provide investors with access to firms that are adopting Bitcoin, potentially transforming corporate finance strategies. Furthermore, the ETF’s structure, based on Bitcoin holdings, could place a spotlight on smaller firms with sizeable crypto reserves, increasing their growth potential. This pivotal movement signifies a shift for BTC’s integration into mainstream corporate finance and opens the door for a possible Bitcoin standard in the future.
