SEC Acknowledges Bitwise’s Spot Bitcoin Application
The SEC has officially acknowledged Bitwise’s spot bitcoin application, which was originally filed in October 2021 and amended and refiled on June 28 of this year. This follows a wave of institutional applications, including BlackRock’s spot Bitcoin ETF application on June 15.
Main Breakdown:
– Bitwise filed for a spot Bitcoin ETF
– The SEC has acknowledged their application
– BlackRock’s application influenced Bitwise’s decision to refile
– Bitwise’s Chief Investment Officer, Matthew Hougan, emphasized the importance of BlackRock’s entry into the market
– Hougan mentioned the need for multiple analysis pieces for a successful spot Bitcoin ETF application
Hot Take:
The growing interest in spot Bitcoin ETFs from major institutional players like BlackRock and Bitwise is a significant development. While the exact details of Bitwise’s ETF are still unclear, their emphasis on a holistic approach and thorough analysis suggests they are taking the necessary steps to navigate the regulatory landscape. With a combined total of approximately $15.39 trillion in assets under management from firms that have recently resubmitted filings for spot Bitcoin ETFs, the potential impact on the cryptocurrency market is substantial.
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