Bitwise Asset Management has resubmitted its proposal for a Bitcoin spot ETF. The prior proposal was denied by the Securities and Exchange Commission, or SEC, during the June application period last year.
Bitwise Asset Management resubmitted its proposal for Bitcoin spot ETF
Bitwise Asset Management has resubmitted its application for a Bitcoin spot exchange-traded fund (ETF) to the Securities and Exchange Commission (SEC). The SEC rejected Bitwise’s previous application in June 2022, citing concerns about market manipulation and surveillance-sharing.
In its latest filing, Bitwise has addressed the SEC’s concerns by providing additional information about its surveillance-sharing plan and by highlighting the growing size and liquidity of the Bitcoin market. Bitwise has also requested a formal schedule for the SEC’s decision-making process.
The SEC has not yet said whether it will approve Bitwise’s latest application. However, the filing comes at a time when there is growing interest in Bitcoin ETFs from both investors and regulators. In June, BlackRock, the world’s largest asset manager, filed its own application for a Bitcoin spot ETF.
If approved, Bitwise’s ETF would be the first Bitcoin spot ETF to trade in the United States. This would allow investors to gain exposure to Bitcoin through a regulated investment vehicle.
Analysts are divided on the likelihood of Bitwise‘s ETF being approved. Some analysts believe that the SEC is more likely to approve a Bitcoin spot ETF now that BlackRock has filed its own application. However, other analysts believe that the SEC is still concerned about the risks of market manipulation and surveillance-sharing.
Only time will tell whether Bitwise’s ETF will be approved. However, the filing is a sign that there is growing momentum for Bitcoin ETFs in the United States.
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