In a noteworthy advancement for the cryptocurrency ecosystem, the Securities and Exchange Commission (SEC) of the United States has recognized Bitwise’s application for a spot Bitcoin Exchange Traded Fund (ETF) product.
According to the SEC notice, which states the “Notice of Filing of a Proposed Rule Change to List and Trade Shares of the Bitwise Bitcoin ETP Trust under NYSE ARCA Rule 8.201-E (Commodity-Based Trust Shares),” Bitwise’s filing has been acknowledged.
Bitwise, a digital asset manager based in San Francisco, initially submitted their applications for a spot Bitcoin exchange-traded fund (ETF) in October 2021. However, they made amendments to their application and submitted it on June 28 of this year.
This filing from Bitwise comes in the wake of several other institutional applications for similar products, notably sparked by BlackRock’s submission for a spot Bitcoin ETF on June 15.
Regarding the re-filing of the application, Bitwise’s Chief Investment Officer, Matthew Hougan, highlighted the significance of BlackRock’s entry into the market. Considering their position as the world’s largest issuer of ETFs and their meticulous approach to decision-making.
According to Hougan, it would be disingenuous to recognize the importance of this signal. However, he opted now to disclose any specific information about a surveillance-sharing pertaining to Bitwise’s ETF.
In addition, he stated that “The most successful spot Bitcoin ETF application will need to include multiple pieces of analysis. These include analysis focusing on the CME market and obviously surveillance-sharing agreements are an interesting idea”
Also Read: Monochrome Bitcoin ETF Applies to ASX for Approval
