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Bitwise has launched a new exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission, aiming to allow companies to hold Bitcoin 
$104,172 on their balance sheets. This product intends to provide investment opportunities in companies that include Bitcoin without directly purchasing cryptocurrency assets.
Purpose and Structure of the ETF
With this ETF, Bitwise strives to offer a familiar investment format that indirectly allows for crypto asset investments. The fund will operate using an index strategy that tracks companies with Bitcoin on their balance sheets, without adding Bitcoin directly to its portfolio.
Trading under the code name OWNB, the ETF requires participating companies to own at least 1,000 Bitcoin to be eligible for inclusion in the index. The investments of the companies in the index will be weighted according to the amount of Bitcoin held, with a limit of up to 20% for a single asset.
Tracked Companies and Index Methodology
The index will comprise companies that hold Bitcoin assets according to specific criteria. The fund will be rebalanced monthly or quarterly to ensure representation from various sectors.
Additionally, the fund’s automatic weighting will allocate 1.5% to companies that own over 1,000 Bitcoin but constitute less than 33% of total assets. This method aims to help investors maintain portfolio diversity.
A Bitwise representative stated that “OWNB offers investors access to innovative companies across various sectors within a familiar ETF structure.” Following the product launch, Bitwise announced steps for additional ETF projects, including an Aptos ETF application, aiming to align with industry developments.
The product tracks a broad portfolio of over 70 publicly traded institutions that hold significant amounts of Bitcoin on their balance sheets, aiming to provide investors with indirect exposure to digital assets through a periodic index update and weighting system.
