SEC Acknowledges Bitwise’s Refiling of Spot Bitcoin ETF Application

Bitwise, the San Francisco-based digital asset manager, has received official recognition from the Securities and Exchange Commission (SEC) regarding its refiling of a spot Bitcoin exchange-traded fund (ETF) application. The company initially filed for the spot Bitcoin ETF in October 2021 but submitted an amended application on June 28 of this year.

The SEC notice states, “Notice of filing of a proposed rule change to list and trade shares of the Bitwise bitcoin ETP Trust under the New York Stock Exchange ARCA Rule 8.201-E, commodity-based trust shares.”

Bitwise’s decision to refile follows a series of institutional applications in the ETF space, particularly sparked by BlackRock’s application for a spot Bitcoin ETF on June 15.

Bitwise’s Chief Investment Officer, Matthew Hougan, commented on the significance of BlackRock’s entry into the market, stating, “You have to listen when BlackRock comes to the market because they’re the largest ETF issuer in the world, they are very careful and connected.” He added that BlackRock’s move served as an important signal for Bitwise.

Regarding specific details such as surveillance-sharing agreements, Hougan noted that a successful spot Bitcoin ETF application would require a comprehensive analysis. He highlighted the importance of considering factors such as the CME market and taking a holistic approach to the application.

It is worth mentioning that the collective assets under management (AUM) of major firms, including BlackRock, Fidelity, Invesco, WisdomTree, VanEck, Ark Invest, Valkyrie, and Bitwise Asset Management, who have all recently resubmitted spot Bitcoin ETF filings, amount to approximately $15.39 trillion. This showcases the increasing interest and potential market impact of a spot Bitcoin ETF if approved by regulatory authorities.

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