Bitwise Asset Management Pursues Bitcoin ETF Approval in the US
Bitwise Asset Management has entered the race to secure approval for a Bitcoin Exchange Traded Fund (ETF) in the United States. The company’s ETF has been officially listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker BITB, reflecting growing optimism within the industry.
Bitwise Takes an Optimistic Stance
In following Fidelity’s footsteps, Bitwise is demonstrating its confidence in the potential approval of a spot Bitcoin ETF. The firm’s Chief Investment Officer, Matt Hougan, has revealed that they are preparing for a launch, including developing marketing and sales strategies and engaging with regulators. Hougan also mentioned regular meetings with the SEC, which is customary for all firms seeking approval.
Invesco Adapts to SEC Guidelines as BlackRock Revises ETF Structure
Meanwhile, the industry is witnessing a shift towards meeting the SEC’s preferences for ETF structures. Invesco has aligned with the SEC’s advocacy for in-kind creations in ETFs, as indicated by its updated S-1 submission. On the other hand, BlackRock has revised its spot Bitcoin ETF structure to allow ‘authorized participants’ like major Wall Street banks to create new shares using cash, thereby increasing investor protection and reducing transaction costs.
Hot Take: A Bright Future for Bitcoin and ETF Launches
The listing of Bitwise’s Bitcoin ETF on DTCC and other recent developments signal increasing optimism for the approval of a spot BTC ETF in the US. Bloomberg analysts project a 90% likelihood of SEC approval by January 10. Additionally, Ryan Rasmussen of Bitwise predicts new all-time highs for Bitcoin in 2024 and suggests that a spot Bitcoin ETF could become the most successful ETF launch ever. As the industry adapts to SEC guidelines, it seems that the path to a Bitcoin ETF is becoming clearer, potentially bringing significant opportunities for investors and further mainstream adoption of cryptocurrencies.
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