Wall Street just created another way to bet on Bitcoin without actually buying Bitcoin.

Bitwise launched its new Bitcoin Standard Corporations ETF (OWNB) on March 11th, and it's already attracting attention.

This isn't your regular crypto fund, as it targets companies holding massive Bitcoin treasuries like dragon hoards (looking at you, Saylor). 

How The Thing Works

The ETF tracks companies holding at least 1,000 Bitcoin on their balance sheets.

MicroStrategy is the 800-pound gorilla here, but Bitcoin miners like MARA and CleanSpark are also in the mix.

Even seemingly random companies like Boyaa Interactive made the cut—it turns out that stacking satellites is becoming a corporate strategy faster than anyone expected.

The Corporate Treasury Explosion

Corporate Bitcoin treasuries have absolutely exploded past $54 billion.

MicroStrategy alone is holding over $41 billion in Bitcoin, making Saylor look like the smartest guy in the room after years of people calling him crazy.

Even the US government is now running a strategic Bitcoin reserve using coins they seized from hackers and criminals.

The world's moving so fast that Wall Street is rushing to create financial products around a trend that didn't even exist four years ago.

Everyone Wants In On The Action

Bitwise isn't the only one eyeing this market.

Strive Asset Management is already trying to get approval for an ETF focused on MicroStrategy's convertible bonds.

REX Shares is jumping in with their own corporate treasury ETF too.

This is what happens when a new asset class gets legitimized – the traditional finance machine starts creating endless derivatives around it.

Meanwhile, Cantor Fitzgerald just launched a $2 billion digital asset financing business.

They're hooking up with Anchorage Digital and Copper.co to let institutions borrow against their Bitcoin stacks.

Even giants like Citi and Deutsche Börse are scrambling to offer crypto custody by 2026.

The institutional onramp keeps getting wider, even with Bitcoin down 30% from its $109,350 peak – they’re called smart money for a reason, after all.

The Market Bucks The Trend

Bitcoin's sitting around $82,000 after that correction, but most analysts aren't sweating it.

Recall that Arthur Hayes called this "business as usual" for a bull market and is waiting for the QE flood to start before making his big moves..

He's more focused on when central banks will panic and start printing money again—the last time that happened, Bitcoin pumped 1,050%.

Some chart wizards think we might see $73,000 before bouncing back to $95,000 or higher.

The Bigger Bitcoin Picture

BlackRock is telling everyone to put 2% of their portfolio in Bitcoin now, and the multiplier effect from institutions allocating even small percentages will make previous bull runs look like child's play.

By 2025, analysts are throwing around price targets between $160,000 and $200,000.

Undoubtedly, Michael Saylor is grinning like a kid while adding even more Bitcoin to MicroStrategy's already massive stack.