Almost two years later, Bitwise Asset Management again asked the US Securities and Exchange Commission to create a Bitcoin Trading Fund (ETF).
On Thursday, in a statement on Twitter from Bitwise Chief Investment Officer Matt Hugan, the investment firm will use a Bitcoin (BTC) ETF with NYSE Arca, which will contain “actual BTC” and not derivatives or other spillovers into cryptocurrencies. According to Hogan, the Bitwise team spent more than two years analyzing the company’s ability to “track and enforce” any attempted manipulation, concluding that the Chicago Mercantile Exchange, or CME, is a “highly regulated market” for cryptocurrencies. Market.
“The market is ripe,” said PetWise’s chief information officer. “Actual BTC ETF can now be approved.”
The company’s SEC records show that it plans to list 1,000 shares in the Bitwise Bitcoin ETP Trust with a suggested maximum bid of $25. The SEC filing indicated that the company will use the US CME reference price as a reference to the bitcoin price in confidence.
Bitwise first filed for Bitcoin ETF registration with the SEC in January 2019. The regulator rejected the offer in October 2019, but later said it would reconsider the decision. Bitwise withdrew the application the following year after the Securities and Exchange Commission (SEC) had already put the proposal on hold. At the time, Hugan said Bitwise planned to return the file “in due course” after the company resolved some of the agency’s problems with the original app.
Although Bitwise has not applied to the SEC for a listed fund with direct access since its withdrawal in 2020, the company launched a Crypto Industry Innovators ETF in May, which gives investors access to some of the largest listed companies. He works in the blockchain and crypto industry. The fund is built on the Bitwise Crypto Industry Innovators 30 Index, which tracks leading companies “engaged in real concrete activities in the crypto sector.”
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Although SEC Gary Gensler has indicated that it will be more open to accepting ETFs based on crypto-futures rather than direct exposure, the US regulatory agency has yet to approve any application for an actual backed BTC ETF. However, last week the Securities and Exchange Commission approved an application for the Volt Crypto Industry Revolution and Tech ETF, which gives investors access to companies with significant access to Bitcoin.