Bitwise Launches ETF Based on Companies With Large Bitcoin Reserves

Bitwise has introduced a new exchange-traded fund ( ETF ) tied to companies holding substantial Bitcoin reserves.

Announced on March 11, the Bitwise Bitcoin Standard Corporations ETF (OWNB) is structured to track the Bitwise Bitcoin Standard Corporations Index, an equity index composed of firms with at least 1,000 Bitcoin in their corporate 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.”

The ETF's largest holdings include MicroStrategy (MSTR), Marathon Digital Holdings (MARA), CleanSpark (CLSK), and Riot Platforms (RIOT). Additionally, gaming company Boyaa Interactive and investment firm Galaxy Digital (GLXY) are part of the fund. The ETF’s index weights holdings based on the amount of Bitcoin each company possesses, with a maximum cap of 20% per entity.

Corporate Bitcoin reserves now exceed $54 billion, with Strategy alone holding more than $41 billion worth of Bitcoin. Last week, US President Donald Trump signed an executive order for a Bitcoin-only reserve after receiving swathes of backlash for proposing a crypto reserve that wasn't solely focused on Bitcoin.

Bitwise isn't the first to seek an ETF linked to corporate Bitcoin holdings. In December, asset manager Strive, founded by former US presidential candidate Vivek Ramaswamy, sought regulatory approval for an ETF investing in convertible bonds issued by Bitcoin-holding corporations. REX Shares also announced on March 10 that it is preparing to launch its own Bitcoin corporate treasury ETF.