Key Takeaways:
- Bitwise has launched the Bitwise Bitcoin Standard Corporations ETF (OWNB) and aimed at companies with major Bitcoin holdings.
- The ETF construction and weight methodology aims to deliver wide exposure to publicly traded firms with Bitcoin holdings.
- This is part of a broader corporate trend of using Bitcoin as a balance sheet tool.
Bitwise Asset Management has announced the launch of an innovative new product: the Bitwise Bitcoin Standard Corporations ETF (OWNB), providing investors with a revolutionary new way to gain exposure to the Bitcoin upside. Unlike spot Bitcoin ETFs that directly hold the cryptocurrency, OWNB holds shares of publicly traded firms holding significant amounts of Bitcoin in their corporate treasuries. The fund tracks the Bitwise Bitcoin Standard Corporations Index, a set of firms owning 1,000 or more Bitcoin.
A New ETF Category Explained: Targeting Companies with Bitcoin Treasuries
Matt Hougan, Bitwise’s Chief Investment Officer, sees a pattern emerging — companies are treating Bitcoin like an asset reserve, the same way people are. “A lot of people wonder: Why do companies buy and hold bitcoin? The answer is simple: For the exact same reasons people do,” Hougan said, highlighting Bitcoin’s attributes as a scarce, liquid asset not subject to government control.
And the ETF’s holdings reflect that as well. MSTR (Michael Saylor-led company, Strategy), known for their aggressive Bitcoin accumulation strategy, is now the biggest holding as of March 11, 2025. Other major positions include Bitcoin-mining companies MARA Holdings (MARA), CleanSpark (CLSK) and Riot Platforms (RIOT); tech companies Boyaa Interactive; and companies focused on digital assets, such as Galaxy Digital (GLXY CN).
ETF Holdings and Weighting Methodology: Diving into the Details
The Bitwise Bitcoin Standard Corporations ETF (OWNB) offers a unique approach to Bitcoin exposure by investing in publicly traded companies holding significant Bitcoin reserves. Unlike direct Bitcoin ETFs, OWNB provides access to companies actively integrating Bitcoin into their financial strategies, such as Strategy (MSTR) and Bitcoin miners like MARA & CleanSpark. With holdings weighted by Bitcoin quantity and capped at 20%, OWNB allows investors to capitalize on corporate Bitcoin adoption without directly managing digital assets, meeting the growing demand for innovative investment vehicles in the evolving cryptocurrency landscape.
OWNB’s largest holdings. Source: Bitwise
The Bitwise Bitcoin Standard Corporations Index uses a unique weighting scheme. The index is cap-weighted according to the number of Bitcoin they hold, with 20% currently as the maximum holding for any one of the 6 companies at each rebalance. There’s also one rule that gives a fixed weighting of 1.5% to companies whose Bitcoin stakes are less than 33% of their overall assets. This gives ownership concentration less influence than including small players in the asset class and show commitment to Bitcoin. By the end of 2024, publicly listed companies held a total of 591,817 BTC according to Bitwise.
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Bitwise Launched this ETF to Address a Growing Market Demand
OWNB’s launch meets increasing market demand for Bitcoin growth linked investment vehicles without the complexities of directly managing digital assets. This reflects the rising acceptance of Bitcoin as a legitimate asset class and the growing number of companies adopting it into their financial strategies. For investors looking to get a taste of Bitcoin without holding the actual asset, the Bitwise ETF offers exposure to companies that are leaning into Bitcoin, presenting a new and potentially lucrative path to participating in the digital asset revolution.
