tl;dr
Bitwise has launched the Bitwise Bitcoin Standard Corporations ETF (OWNB), tracking 21 publicly traded companies with significant Bitcoin holdings, including MicroStrategy, MARA, Block, Coinbase, and Tesla. These companies are listed on the Nasdaq or New York Stock Exchange, with many involved in Bi...
Bitwise has launched the Bitwise Bitcoin Standard Corporations ETF (OWNB), tracking 21 publicly traded companies with significant Bitcoin holdings, including MicroStrategy, MARA, Block, Coinbase, and Tesla. The companies are listed on the Nasdaq or New York Stock Exchange, with many involved in Bitcoin mining. The move is attributed to the low returns on cash reserves and the strategic value of Bitcoin as a reserve asset. This is particularly notable for companies like MicroStrategy, which has seen a significant increase in stock value since adopting a "Bitcoin standard" in 2020.
The new Bitwise Bitcoin Standard Corporations ETF—OWNB—tracks 21 firms that hold 1,000 Bitcoins or more. The index includes companies such as Strategy, Bitcoin miner MARA, Jack Dorsey's payments company Block, America's biggest crypto exchange Coinbase, and electric car company Tesla. All companies trade on the Nasdaq or New York Stock Exchange, with many being Bitcoin miners.
According to Bitwise, more corporations are adopting the Bitcoin standard due to the low-yielding cash and the recognition of Bitcoin's value as a strategic reserve asset. Companies, like Tesla, buy Bitcoin to maximize returns on cash holdings. Strategy argues that Bitcoin is the best store of value and the most efficient way to get shareholders a return on their investment. Since adopting a "Bitcoin standard" in August 2020, Strategy's stock has shot up in value by more than 1,800%.