Bitwise Asset Management Updates Bitcoin ETF Application
Bitwise Asset Management, a prominent crypto asset management firm, has made a significant update to its application for a Bitcoin Exchange-Traded Fund (ETF). According to Bloomberg ETF Analyst James Seyffart, the update introduces a new dimension to Bitwise’s pursuit of the rare product. The update includes a dedicated section that addresses and rebuts 8 “Disagreements” raised by the US Securities and Exchange Commission (SEC) in their previous denials of Bitwise’s ETF applications.
New Arguments Against SEC’s Denial
The heart of Bitwise’s amendment focuses on addressing the SEC’s concerns. One disagreement revolves around the use of “classic” price discovery metrics like Information Share (IS) and Contributor Share (CS). The SEC raised concerns about academic criticisms of these metrics. However, Bitwise argues that the bias introduced by data sparsity actually strengthens their case for price discovery in the CME bitcoin futures market. Another disagreement is regarding the frequency of Bitwise’s analysis, with the SEC questioning why daily results were chosen instead of different frequencies.
Bitwise’s Journey Towards a Bitcoin ETF
In June, Bitwise re-filed its application for a spot Bitcoin ETF. However, in an unexpected move, the company withdrew its “Bitcoin and Ethereum Market Cap Strategy ETF” application with the SEC in August. Despite this setback, Bitwise remains committed to pursuing ETF approval and has been actively refining its proposal to address the SEC’s concerns. The recent update to its application is evidence of Bitwise’s ongoing dedication to bringing a regulated, secure, and transparent Bitcoin ETF to the market.
Hot Take: Bitwise Continues Push for Bitcoin ETF Despite Challenges
Bitwise Asset Management is continuing its efforts to secure approval for a Bitcoin Exchange-Traded Fund (ETF), despite facing challenges and setbacks along the way. The firm has recently made a significant update to its ETF application, addressing the US Securities and Exchange Commission’s concerns and providing new arguments against their previous denials. By focusing on key disagreements and presenting compelling rebuttals, Bitwise is demonstrating its commitment to bringing a regulated and transparent Bitcoin ETF to the market. While the journey may be challenging, Bitwise’s ongoing dedication shows their belief in the potential of a Bitcoin ETF and its importance for the broader crypto community.
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