The application for a spot Bitcoin ETF from Bitwise Asset Management, based in San Francisco, has received official acknowledgment from the U.S. Securities and Exchange Commission (SEC). The firm initially submitted its bitcoin ETF proposal in October 2021 but revised and resubmitted it on June 28 of this year.
The SEC document states that the proposed change relates to the “listing and trading of shares for the Bitwise Bitcoin ETP Trust” under New York Stock Exchange ARCA Rule 8.201-E, which covers commodity-based trust shares.
Bitwise’s recent filing adds to the increasing number of institutional applications for spot bitcoin ETFs, a trend that gained momentum with BlackRock’s application on June 15.
Bitwise’s Chief Investment Officer, Matthew Hougan, acknowledged the significance of BlackRock’s market presence in a conversation with CoinDesk on July 10. He noted that BlackRock, as the largest ETF issuer globally, operates with substantial influence and attention to detail. Hougan admitted that BlackRock’s move towards a Bitcoin ETF conveys a powerful message.
Regarding specific surveillance-sharing arrangements related to Bitwise’s ETF proposal, Hougan remained reserved. However, he emphasized that the success of any spot bitcoin ETF application relies on various analytical factors. This includes conducting a thorough analysis of the CME market, and while surveillance-sharing agreements may be an important consideration, Bitwise is likely to take a comprehensive approach.