SEC Recognizes Bitwise’s Bitcoin ETF Amid Institutional Filings
In Brief
The SEC has recognized Bitwise’s spot Bitcoin ETF application, potentially marking a major breakthrough in the cryptocurrency sector.
The Security and Exchange Commission (SEC) has recognized Bitwise’s spot Bitcoin ETF application. This follows a wave of institutional applications for a spot Bitcoin ETF, a trend initiated by BlackRock’s application on June 15. According to a report by The Block, asset managers including Bitwise recently filed applications for a spot Bitcoin ETF, collectively managing approximately $15.39 trillion.
Bitwise, a San Francisco-based digital asset manager, first filed for a spot Bitcoin ETF in October 2021. They amended and refiled their application on June 28 this year. As per the SEC notice, Bitwise’s proposed rule change aims to list and trade shares of the Bitwise Bitcoin ETP Trust under the NYSE ARCA Rule 8.201-E.
Bitwise’s Chief Investment Officer Matthew Hougan mentioned the significance of BlackRock’s entry into the market. He stated, “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.”
While Hougan didn’t provide specific details on a surveillance-sharing agreement for Bitwise’s ETF, he underscored that a successful spot ETF application would need comprehensive analysis. This includes a focus on the CME market and surveillance-sharing agreements, and a holistic approach, which he believes Bitwise will take.
Q2 2023 featured the most extreme mix of good and bad news in crypto’s history.
— Bitwise (@BitwiseInvest) July 13, 2023
In our Crypto Market Quarterly Review, we put the complex series of events into context with key data points across the most critical areas of crypto. https://t.co/lLdfQDk7a7
Bitcoin ETF Potential
The SEC’s acknowledgment of Bitwise’s Bitcoin ETF application could be a key milestone for the cryptocurrency industry. Approval of a spot ETF could lead to wider adoption and increased investment opportunities for institutional investors.
The SEC’s acknowledgment of Bitwise’s ETF application is an encouraging sign for the cryptocurrency industry. This acknowledgment hints at regulatory bodies becoming more open to digital assets. This shift could notably boost the sector’s growth and maturity. Interest from institutional players is also rising, evident in a series of similar applications. This trend signifies a growing acceptance of Bitcoin as a legitimate asset. All these developments are promising for the future of cryptocurrency. They suggest a move towards a new era of financial innovation and inclusivity.
- The OKeefe Media Group secretly recorded a BlackRock recruiter discussing the asset manager’s work mode without their knowledge.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
