Bitwise Invest Makes Changes to Bitcoin ETF Application Following SEC Comments
Bitwise Invest has made revisions to its application for a spot Bitcoin ETF in response to feedback from the U.S. Securities and Exchange Commission (SEC), according to Bloomberg Intelligence analyst James Seyffart.
Details of the Changes
The filing remains largely unchanged, but Bitwise has added its product ticker BITB. If approved, the ETF will be listed on the NYSE Arca exchange.
A Dialogue Between Counterparties and the Regulator
Seyffart clarifies that this update should not be interpreted as a definitive signal, but rather as an example of ongoing communication between the SEC and market participants.
Other Bitcoin ETF Applications
In addition to Bitwise’s application, Ark Invest and BlackRock have also made amendments to their respective Bitcoin ETF applications. Ark Invest included asset storage methods and net asset value determination in accordance with GAAP, while BlackRock’s proposed ETF is indicated under the ticker IBTC.
SEC Decision Timeline
The SEC has deferred decisions on all spot Bitcoin ETF applications, including Bitwise’s case. The regulator has until March-April 2024 to reach a final decision on these exchange-traded products.
Hot Take: Progress Amidst Ongoing Discussions with the SEC
The recent changes made by Bitwise Invest to its Bitcoin ETF application indicate progress in the dialogue between market participants and regulators. While it is not a definitive signal of approval, it reflects continued efforts to address SEC feedback. Bitwise’s addition of the product ticker BITB and the inclusion of storage methods and net asset value determination by other applicants demonstrate their commitment to meeting regulatory requirements. As the SEC continues its review process, the final decision on spot Bitcoin ETFs is expected by March-April 2024.
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