Bitwise to File BTC ETF Application at NYSE Arca

Bitwise Bitcoin ETF is going to be based on an index that aggregates data from large and trustworthy trading platforms
11 January 2019   234

Bitwise Cryptocurrency Fund submitted a Form S1 application to launch Bitcoin-ETF to the US Securities and Exchange Commission (SEC). The company plans to place its shares on the NYSE Arca Stock Exchange.

Note that, according to the statement, Bitwise Bitcoin ETF will be based on an index that aggregates data from large and trustworthy trading platforms. Bitwise also intends to delegate the storage of bitcoins, which will underlie the shares to the regulated custodian, which should convince the SEC of the reliability of the enterprise.

The SEC has asked thoughtful and relevant questions about the quality of the crypto trading ecosystem, the reliability of crypto pricing, the strength of the arbitrage function in crypto and the robustness of crypto custody. We have spent the past year researching these questions and look forward to discussing those findings with the SEC staff in connection with the filing and listing application.

Matt Hougan

Global Head of Research, Bitwise

It is worth adding that the company is applying for the launch of Bitcoin-ETF for the second time. In the summer, Bitwise submitted the relevant documentation to the exchange-based fund based on the HOLD 10 index, which is focused on the ten most liquid cryptocurrencies.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   107

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.