Focus Shifts to Bitcoin Holdings Over Market CapBitwise Asset Management has filed a proposal with the Securities and Exchange Commission (SEC) to launch a unique ETF designed for public companies holding substantial Bitcoin reserves. Dubbed the Bitcoin Standard Corporations ETF, the fund shifts focus from traditional market capitalization metrics to Bitcoin treasury values, offering a fresh approach to the crypto investment landscape. Eligible firms must hold at least 1,000 BTC in their reserves and meet additional criteria, such as a minimum market capitalization of $100 million, daily liquidity exceeding $1 million, and a public float capped at 10%.The ETF plans to weight holdings according to the volume of Bitcoin each company holds, with a 25% ceiling on individual allocations. For example, MicroStrategy, boasting a staggering 444,262 BTC in its treasury, would dominate the fund over Tesla, despite the latter’s higher market cap. The proposed fund will rebalance quarterly, aligning with market conditions and changes in corporate Bitcoin holdings to maintain its structure. Pending approval, the ETF will list on NYSE Arca, a move that could further institutionalize Bitcoin's presence in corporate treasuries.This announcement arrives amidst Bitcoin’s extraordinary 117% surge this year, peaking briefly at $108,000 before stabilizing near $95,500. Interest among corporations continues to climb, as demonstrated by KULR Technology Group’s recent $21 million Bitcoin purchase, a decision that drove its stock price up by over 40%. The ETF will operate as a non-diversified fund under the Investment Company Act of 1940, meaning it may concentrate investments in fewer firms than its diversified counterparts.The filing builds on Bitwise’s existing suite of crypto-related products, including its current Bitcoin ETF, which holds approximately $3.9 billion in net assets. Shares of the existing fund trade near $51.86, showcasing Bitwise’s position as a leader in crypto asset management. This move also parallels Strive’s recent filing for an ETF focused on convertible bonds in Bitcoin-heavy firms, reflecting a broader trend toward innovative investment products in the Bitcoin ecosystem. Whether the SEC approves the proposal remains to be seen, but Bitwise’s latest filing signals growing corporate adoption of Bitcoin and the evolving dynamics of institutional crypto investments.This article has been refined and enhanced by ChatGPT.