The concern steadfast withdrew its exertion for a physically-backed Bitcoin ETF successful 2020, but has already received support for a money offering investors vulnerability to companies successful the blockchain and crypto industry.
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After astir 2 years, Bitwise Asset Management has erstwhile again applied with the U.S. Securities and Exchange Commission to make a Bitcoin exchange-traded fund.
In an Oct. 14 Twitter announcement from Bitwise main concern serviceman Matt Hougan, the concern steadfast volition beryllium pursuing a Bitcoin (BTC) ETF with NYSE Arca that holds “actual BTC,” and not derivatives oregon different indirect vulnerability to cryptocurrencies. According to Hougan, the Bitwise squad has spent much than 2 years analyzing the firm’s quality to “surveil and enforce” immoderate attempts astatine manipulation and concluded that the Chicago Mercantile Exchange, oregon CME, is simply a “regulated marketplace of important size” for the crypto market.
“The marketplace has matured,” said the Bitwise CIO. “An existent BTC ETF tin present beryllium approved.”
The company’s filing with the SEC shows it plans to registry 1,000 shares of its Bitwise Bitcoin ETP Trust with a projected maximum offering terms of $25. The SEC filing states the institution volition usage the CME U.S. Reference Rate arsenic a terms notation for Bitcoin successful the trust.
Bitwise archetypal applied for a Bitcoin ETF registration with the SEC successful January 2019. The regulator rejected the connection successful October 2019, but aboriginal said it would beryllium reviewing its decision. Bitwise withdrew its exertion the pursuing year aft the SEC fundamentally kept the connection connected standby. At the time, Hougan said Bitwise planned to refile “at an due time” aft the steadfast had addressed immoderate of the agency’s concerns successful the archetypal filing.
Though Bitwise has not refiled its exertion with the SEC for an exchange-traded money with nonstop vulnerability to Bitcoin since that 2020 withdrawal, the institution did launch a Crypto Industry Innovators ETF successful May, which offers investors vulnerability to immoderate of the biggest publically listed firms operating successful the blockchain and crypto industry. The money was based connected Bitwise’s Crypto Industry Innovators 30 Index, which tracks apical firms “engaged successful actual, worldly enactment successful the crypto sector.”
Though SEC Gary Gensler has hinted that helium would beryllium much unfastened to accepting ETFs based connected crypto futures alternatively than done nonstop exposure, the U.S. regulatory bureau has yet to o.k. immoderate exertion for a physically-backed BTC ETF. Last week, however, the SEC did o.k. an application for the Volt Crypto Industry Revolution and Tech ETF, which provides investors with entree to companies with important vulnerability to Bitcoin.