The U.S. SEC Acknowledges Bitwise’s Bitcoin ETF Application
The U.S. Securities and Exchange Commission (SEC) has officially recognized Bitwise Asset Management’s spot bitcoin exchange-traded fund (ETF) proposal. This highlights the growing institutional interest in cryptocurrency investments. Here are the key points:
1. Bitwise Asset Management’s spot bitcoin ETF proposal has been acknowledged by the SEC.
2. The firm initially submitted the application in October 2021 and revised it in June 2022.
3. The proposed change relates to the listing and trading of shares for the Bitwise Bitcoin ETP Trust.
4. The trend of institutional applications for spot bitcoin ETFs is increasing, with BlackRock also submitting an application.
5. Bitwise’s Chief Investment Officer, Matthew Hougan, recognizes the significance of BlackRock’s move towards a Bitcoin ETF.
Hougan mentions that the success of a spot bitcoin ETF application depends on various analytical factors, including a thorough analysis of the CME market and potential surveillance-sharing arrangements. Bitwise is likely to take a comprehensive approach in this regard.
Overall, the SEC’s acknowledgement of Bitwise’s bitcoin ETF proposal shows the increasing institutional engagement and the potential for further growth in the cryptocurrency market.
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