Bitwise Launches Bitcoin Corporate Treasury ETF: A Novel Approach to Bitcoin Exposure

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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 exposure.
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.

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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 launch of OWNB caters to market demand for investment vehicles that allow investors to benefit from Bitcoin’s success without directly managing digital assets. It also that more and more companies are adding bitcoin to their balance sheets and the increasing acceptance of bitcoin as an asset class. Bitwise offers investors similar exposure to companies that have an active engagement with Bitcoin, allowing them to capture the potential upside from the digital asset revolution in a new and rewarding way.

The Bitwise Bitcoin Standard Corporations ETF is a visionary investment product that aims to capitalize on the rapidly growing trend of Bitcoin adoption among corporate entities. OWNB provides investors with a unique and diversified way to gain exposure to the potential upside of Bitcoin by investing in companies with substantial Bitcoin holdings in their treasuries instead of investing directly in Bitcoin itself. With corporations continuing to look at Bitcoin as a strategic reserve asset, this ETF offers a unique opportunity to gain exposure to this developing opportunity.

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.

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.

With its FIU registration and new focus, Coinbase reaffirms its investment in India, marking a significant perseverance for India’s crypto market. Whether Coinbase can untangle the regulatory quagmire and grow a locally-blooming ecosystem is yet to be determined. But this renewed effort could set the scene for broader adoption of crypto and blockchain technology in a country that has so much potential. Hopefully Coinbase is just a catalyst for the changing future of crypto in India.