Bitwise has filed for its Bitcoin Standard Corporations ETF, targeting public firms with over 1,000 BTC. This proposal excludes companies with a market cap below 100 million USD or free floats above 10%. Weighting depends on BTC value, not market cap, capped at 25%.
Despite Tesla’s larger market cap of 1.42 trillion USD, its ETF weight is lower than MicroStrategy, given its larger 444,262 BTC holdings compared to Tesla’s 9,720 BTC. This ETF responds to the trend of firms buying BTC to uplift stock valuations, aligning with BTC’s 117% 2023 increase.