SEC Finally Acknowledges Bitwise’s Bitcoin ETF Application: Report

Key Points:

• Bitwise’s spot Bitcoin ETF application has been acknowledged by the SEC, which could represent a significant milestone for the cryptocurrency industry.
• A series of institutional applications, fueled by BlackRock’s June 15 spot Bitcoin ETF application, have been submitted for a spot Bitcoin ETF.
• A collective of asset managers, including Bitwise, recently resubmitted filings for a spot Bitcoin ETF, with a total of approximately $15.39 trillion under management.

Bitwise’s spot Bitcoin ETF has been acknowledged by the SEC following a series of institutional applications. A collective of asset managers recently resubmitted filings for a spot Bitcoin ETF, with a total of approximately $15.39 trillion under management, as per The Block.

The Security and Exchange Commission (SEC) has finally acknowledged Bitwise’s spot Bitcoin application. The San Francisco-based digital asset manager first filed for a spot Bitcoin ETF in October 2021 but amended and refiled their application on June 28 of this year. According to the SEC notice, Bitwise’s proposed rule change seeks to list and trade shares of the Bitwise Bitcoin ETP Trust under the NYSE ARCA Rule 8.201-E, commodity-based trust shares.

Bitwise’s filing follows a series of institutional applications submitted for a spot Bitcoin ETF, fueled by BlackRock’s June 15 spot Bitcoin ETF application. Bitwise’s Chief Investment Officer Matthew Hougan told CoinDesk, “You have to listen when Blackrock comes to the market because they’re the largest ETF issuer in the world; they are very careful and connected.” He further added, “I would be lying if I didn’t say that that was an important signal.”

Hougan said he couldn’t elaborate on a specific surveillance-sharing agreement for Bitwise’s ETF, but he highlighted that the most successful spot Bitcoin ETF application would need to include multiple pieces of analysis. These include analysis focusing on the CME market and surveillance-sharing agreements. He added that he thinks a more holistic approach that Bitwise will take would be needed to succeed.

A collective of asset managers, including Bitwise, recently resubmitted filings for a spot Bitcoin ETF, with a total of approximately $15.39 trillion under management. This development could represent a significant milestone for the cryptocurrency industry, as approval of a spot Bitcoin ETF could lead to increased adoption and investment opportunities for institutional investors.

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