Bitwise Asset Management has launched a groundbreaking exchange-traded fund, the Bitwise Bitcoin Standard Corporations ETF (OWNB), targeting companies that maintain substantial Bitcoin reserves on their balance sheets.
Listed on the New York Stock Exchange Arca, the ETF tracks the Bitwise Bitcoin Standard Corporations Index, which showcases a curated selection of public companies holding a minimum of 1,000 Bitcoin each. This investment vehicle, announced on March 11, 2025, provides investors with indirect exposure to Bitcoin through corporate equities rather than the cryptocurrency itself.
The index’s methodology employs a sophisticated weighting system based on Bitcoin ownership, with a 20% cap on any single holding to guarantee appropriate diversification. Companies whose Bitcoin holdings represent less than 33% of their total assets automatically receive a 1.5% weighting in the index.
The quarterly rebalancing schedule maintains the integrity of the index composition, adjusting for market fluctuations and changes in corporate Bitcoin reserves. Over 70 companies have incorporated Bitcoin into their treasury strategies, following the pioneering approach of Strategy and Michael Saylor.
Currently, Strategy (MSTR) holds the largest position at 20.87%, followed by MARA Holdings at 12.12%. Other significant components include CleanSpark and Riot Platforms at approximately 6.26% and 6.23% respectively, with Boyaa Interactive and Metaplanet representing 5.75% and 5.25%.
Additional contributors include Aker ASA (4.63%), Bitfarms (4.30%), BitFuFu (4.03%), and Galaxy Digital (3.99%).
The emergence of this ETF reflects growing corporate adoption of Bitcoin as a reserve asset, driven by its perceived benefits of liquidity, scarcity, and independence from central bank policies. Corporate Bitcoin holdings have surpassed 54 billion dollars as companies increasingly embrace cryptocurrency assets.
Companies increasingly view Bitcoin as a strategic asset amid concerns about government deficits and monetary policy. The blockchain technology that underpins Bitcoin ensures transaction transparency and immutability, making it an attractive option for corporate treasuries seeking secure value storage. The fund, which carries an expense ratio of 0.85%, offers investors a diversified approach to cryptocurrency exposure while mitigating some direct Bitcoin ownership risks.
Investors should note potential risk factors, including Bitcoin’s notorious price volatility, evolving regulatory landscapes across jurisdictions, and unique accounting challenges that arise when companies hold digital assets.
Market sentiment can dramatically influence both Bitcoin pricing and the valuation of companies substantially invested in the cryptocurrency.
