Bitwise Applied For a Physically Held Bitcoin ETF with SEC
[ChainDD report] January 11 (ChainDD) Digital currency investment firm Bitwise filed a registration form for a new Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), hoping it list on NYSE Arca, an exchange focusing on stocks and options. The company said it would eliminate SEC’s concerns that resulted in disapproval for previous Bitcoin ETF applications.
The ETF Bitwise applied will track Bitwise Bitcoin Total Return Index. Unlike other proposed Bitcoin ETFs, Bitwise’s ETF will rely on regulated third parties to hold its physical Bitcoin. The index draws prices from many cryptocurrency exchanges, representing most of verifiable Bitcoin trading.
Bitwise’s global head of ETF John Hyland noted that SEC could not approve the application, but “the crypto trading ecosystem has evolved in significant ways in the past year”, the company felt optimistic about Bitcoin ETF’s birth in 2019.