AI Firm Silvia Proposes Five Unconventional ETFs Including Bitcoin Treasury Fund
The filings introduce algorithmic trading based on mNAV gaps and personality-driven funds tracking figures like Elon Musk and Jensen Huang.
AI-focused financial firm Silvia has filed applications with regulators for five new exchange-traded funds (ETFs) that challenge traditional fund design. The filings, brought to public attention by Bloomberg Intelligence ETF analyst Eric Balchunas, range from algorithmic crypto-treasury strategies to thematic funds based on high-profile tech executives.
Among the most technical proposals is a Bitcoin treasury mNAV discount fund. This fund is designed to profit from price dislocations by buying assets when the modified Net Asset Value (mNAV) falls below 1.0x and selling when it rises above 1.15x. According to the filings, the fund will allocate larger weightings to assets trading at steeper discounts to maximize potential returns from these valuation gaps.
Silvia is also targeting retail interest in "personality-driven" investing with two specific thematic funds. The proposed "Jensen Huang ETF" would track companies mentioned by the NVIDIA CEO in interviews over the preceding 30 days. Similarly, an "Elon Musk ETF" is planned to hold Tesla and SpaceX, while allocating a 15% stake to other private companies founded by Musk.
Rounding out the filings are two additional funds: a "best ideas ETF" based on stock picks from guests on Phil Rosen's podcast, and an "anti-currency issuance" fund—also referred to as the "Anti-Money Printer" ETF. The latter is designed as a hedge against fiat devaluation, consisting of a basket of Bitcoin, gold, and land.
The Shift Toward Thematic Assets
These filings arrive as corporate adoption of Bitcoin as a treasury reserve asset accelerates. Simultaneously, the ETF market has seen a growing trend of thematic products that move away from broad indices toward highly specific, often volatile, triggers. By linking fund composition to real-time interviews or podcast guests, Silvia is attempting to productize the "alpha" associated with influential tech figures and financial commentators.
Market Implications
If approved, these funds would push the boundaries of conventional ETF structures, particularly through the integration of private company stakes like SpaceX. The mNAV discount fund, in particular, would provide investors with a professional tool to trade valuation inefficiencies within the emerging crypto-treasury space, a sector that has previously been difficult for retail investors to access systematically.
What to Watch
It remains to be seen how regulators will view the inclusion of private equity stakes and the reliance on non-traditional data sources, such as podcast mentions and CEO interviews, for fund composition. Investors should monitor the regulatory response to determine if these algorithmic and personality-based triggers meet the transparency and liquidity standards required for public exchange listing.