After nearly two years, Bitwise Asset Management once again applied to the US Securities and Exchange Commission to create a Bitcoin exchange-traded fund.
On October 14, Bitwise Chief Investment Officer Matt Hougan announced on Twitter that the investment company will Pursue A bitcoin (Bitcoin) ETFs with NYSE Arca hold “real BTC”, not derivatives or other indirect exposures to cryptocurrencies. According to Hougan, the Bitwise team spent more than two years analyzing the company’s ability to “monitor and execute” any manipulation attempts, and concluded that the Chicago Mercantile Exchange (CME) is a “large-scale recipient of cryptocurrencies”. Regulatory market” market.
“The market has matured,” Bitwise Chief Information Officer said. “The actual BTC ETF can now be approved.”
Documents submitted by the company to the U.S. Securities and Exchange Commission show It plans to register 1,000 shares of the Bitwise Bitcoin ETP trust, with a proposed maximum issue price of $25. The SEC filing stated that the company will use the CME Group US Reference Rate as a reference for the price of Bitcoin in the trust.
Bitwise first applied for Bitcoin ETF registration with the US Securities and Exchange Commission in January 2019. The regulator rejected the proposal in October 2019, but later stated that it would review its decision.Bitwise Withdraw the application in the following year After the SEC basically kept the proposal on standby. At the time, Hougan stated that Bitwise planned to resubmit the documents “in due course” after the company had resolved some of the agency’s concerns in the initial submissions.
Although Bitwise has not resubmitted an application for exchange-traded funds that have direct access to Bitcoin with the US Securities and Exchange Commission since its exit in 2020, the company has indeed done so. Launch of the crypto industry innovator ETF In May, it provided investors with exposure to some of the largest listed companies operating in the blockchain and crypto industries. The fund is based on Bitwise’s Crypto Industry Innovators 30 Index, which tracks top companies that “engage in actual, substantive activities in the crypto industry.”
Although SEC Gary Gensler hinted that he would be more willing to accept ETFs based on encrypted futures rather than through direct exposure, US regulators have not yet approved any applications for physically-backed BTC ETFs. However, last week, The SEC did approve an application Volt Crypto Industry Revolution and Tech ETF, which provides investors with opportunities to access companies with a large number of bitcoin exposures.