Bitwise’s proposed products are structured as “Strategy ETFs,” not plain spot vehicles. According to filings, each fund would invest up to 60% of assets directly in the underlying token, with at least 40% allocated to exchange-traded products that also reference that same asset.

This hybrid design allows the ETFs to blend spot holdings, ETP exposure, and potentially derivatives to fine-tune risk. The structure sets them apart from existing spot-only crypto ETFs and reflects a rules-based approach aimed at navigating liquidity, tracking, and regulatory constraints more flexibly.