Grayscale Investments has submitted a registration statement to the Securities and Exchange Commission (SEC) for a new Bitcoin Adapters ETF, marking another strategic move in the cryptocurrency investment landscape.
The proposed ETF, planned to trade on NYSE Arca, aims to track companies holding substantial Bitcoin reserves on their balance sheets. According to the filing, the fund will invest at least 80% of its assets in stocks of companies that embrace the Bitcoin Treasury Reserve strategy, with the remaining portion allocated to related securities.
To qualify for inclusion in the ETF, companies must meet specific requirements. They need to maintain a minimum market capitalization of $100 million and be listed on developed stock exchanges. The fund targets businesses holding Bitcoin reserves worth at least one billion dollars.
MicroStrategy emerges as a prime candidate for the ETF, following its recent acquisition of 11,000 BTC, which now represents over 2% of the total Bitcoin supply. Other potential companies include Riot Platforms, Mara Holdings, Metaplanet, and KULR Technologies, all of which have increased their Bitcoin holdings.
This filing comes during a period of heightened ETF activity, with major financial institutions like BlackRock also submitting applications. While Grayscale's new fund focuses on company-based exposure rather than direct Bitcoin investment, the firm has simultaneously filed for a Litecoin ETF.
The SEC's response to these various ETF applications will play a defining role in shaping the future of cryptocurrency investment products in the United States. Through these initiatives, Grayscale demonstrates its ability to adapt to evolving regulatory landscapes while continuing to innovate in the digital asset space.