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.
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.