Strive Asset Management has filed for the launch of an ETF focused on convertible bonds of MicroStrategy and other companies that have adopted a Bitcoin strategy.
The firm, founded by Vivek Ramaswamy, will work alongside Elon Musk in DOGE under the administration of U.S. President-elect Donald Trump.
The Strive Bitcoin Bond ETF will be actively managed. Access to “Bitcoin bonds” will be provided directly or through swaps and options. The fee structure has not been disclosed.
MicroStrategy’s Bitcoin reserves have reached 444,262 BTC, valued at approximately $83.5 billion at the time of writing. Since August 2020, the corporation has spent around $27.7 billion to acquire Bitcoin, at an average purchase price of $62,257 per BTC.
Despite Bitcoin’s substantial price growth and MicroStrategy’s inclusion in the Nasdaq 100 index, the company faces criticism for its strategy of building shareholder value through Bitcoin accumulation, often financed by debt capital.
In October, MicroStrategy introduced the “21/21 Plan,” aimed at raising $42 billion over the next three years to purchase more Bitcoin.
On December 27, Bitwise announced plans to launch the Bitcoin Standard Company ETF.
Bitwise files for Bitcoin Standard Corporations ETF…
— Nate Geraci (@NateGeraci) December 26, 2024
Would own stocks of companies that have adopted the “bitcoin standard”, which they define as holding at least 1,000 btc in corporate treasury.
The btc treasury operations virus is spreading. pic.twitter.com/me0XXX9a6g
This ETF will primarily invest in shares of corporations that have adopted Bitcoin as a reserve asset. The following criteria apply:
- A balance of at least 1,000 BTC
- A market capitalization of at least $100 million
- An average daily liquidity of at least $1 million
- A minimum float of at least 10% of shares.
Currently, 22 companies meet the first criterion.
Companies holding > 1,000 btc…
— Nate Geraci (@NateGeraci) December 27, 2024
via @HODL15Capital
h/t @Roubini18 pic.twitter.com/E91ky56iEI
It’s worth noting that only 0.55% of Microsoft shareholders approved the creation of a Bitcoin reserve.
On December 8, a similar proposal was presented to Amazon equity holders.
Currently, only 0.01% of publicly traded companies globally own Bitcoin, according to OKG Research.
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