Business Markets News Report
July 14, 2023

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.

SEC Recognizes Bitwise's Bitcoin ETF Amid Institutional Filings

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.

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.

Read more related articles:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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.

More articles
Nik Asti
Nik Asti

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.

Hot Stories
Join Our Newsletter.
Latest News

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Crypto Exchange Upbit To List BIGTIME And Akash Network’s AKT Tokens For Trading
Markets News Report Technology
Crypto Exchange Upbit To List BIGTIME And Akash Network’s AKT Tokens For Trading
April 23, 2024
Othentic Raises $4M Funding From Breyer Capital To Advance Development Of Modular Networks In Shared Security Environment
Business News Report Technology
Othentic Raises $4M Funding From Breyer Capital To Advance Development Of Modular Networks In Shared Security Environment
April 22, 2024
Celo Developer cLabs Proposes Launch Of Its Ethereum Layer 2 Solution On Optimism’s OP Stack
News Report Technology
Celo Developer cLabs Proposes Launch Of Its Ethereum Layer 2 Solution On Optimism’s OP Stack
April 22, 2024
ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases
Business News Report Technology
ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases
April 22, 2024