Nearly two years later, Bitwise Asset Management has again applied to the U.S. Securities and Exchange Commission to create a Bitcoin Exchange-Traded Fund (ETF).
Matt Hogan, Bitwise’s chief investment officer, announced on Twitter on Thursday that the investment firm would Pursuit An ETF with a Bitcoin (BTC) NYSE Arca that contains “actual BTC” and not other indirect exposure to derivatives or cryptocurrencies. According to Hugan, the Bitwise team has been analyzing the company’s ability to “monitor and enforce” any manipulation effort for more than two years and concludes that the Chicago Mercantile Exchange, or CME, is a “significantly controlled market” for crypto.
“The market has matured,” says the BitWise CIO. “An actual BTC ETF may now be allowed.”
Filing at the company’s SEC Shows It plans to register 1,000 shares of its Bitwise Bitcoin ETP Trust with a maximum offer price of 25. The SEC filing states that the company will use the CME US reference rate as a bitcoin price reference in the trust.
Bitwise first applied for Bitcoin ETF registration at the SEC in January 2019. The regulator rejected the offer in October 2019, but later said it would review its decision. Bitwise withdrew its application the following year after the SEC originally put the proposal on standby. At the time, Hogan said BitWise planned to repay “at an appropriate time” after resolving some of the company’s concerns during the initial filing.
Although Bitway has not turned down an application since the withdrawal of Bitcoin’s direct exposure 2020 for its exchange-traded funds with the SEC, the company launched a crypto industry innovator ETF in May, offering exposure to investors to several publicly listed companies. Works in blockchain and crypto industries. The fund was based on Bitwise’s Crypto Industry Innovators 30 Index, which tracks top companies “engaged in real, material activity in the crypto sector”.
Related: New Ticker and ARK Filing Shows Bitcoin Future ETF Approval Upcoming: Analyst
Although SEC Gary Gensler has indicated that he will be more open to accepting ETFs based on crypto futures rather than direct exposure, the U.S. regulatory body has yet to approve any application for physically supported BTC ETFs. Last week, however, the SEC approved an application for the Vault Crypto Industrial Revolution and Tech ETF, which gives investors access to companies with significant exposure to Bitcoin.
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