The U.S. Securities and Exchange Commission has formally acknowledged the spot bitcoin ETF application from San Franciscoโs Bitwise Asset Management, underscoring the escalating institutional engagement in cryptocurrency investments.
The U.S. SEC has given official recognition to Bitwise Asset Managementโs spot bitcoin ETF proposal. The tech-forward asset management firm from San Francisco initially lodged its bitcoin ETF application back in October 2021 but has since revised and resubmitted the proposal on June 28 of this year.
According to the SEC document, the proposed change pertains to the โlisting and trading of shares for the Bitwise Bitcoin ETP Trustโ as per New York Stock Exchange ARCA Rule 8.201-E, which covers commodity-based trust shares.
Bitwiseโs recent filing adds to the growing number of institutional applications for spot bitcoin ETFs, a trend invigorated by BlackRockโs application submitted on June 15.
Bitwiseโs chief investment officer, Matthew Hougan, highlighted the significance of BlackRockโs market presence in a conversation with CoinDesk on July 10.
โBlackRock, being the largest ETF issuer globally, operates with considerable influence and attention to detail,โ said Hougan. โThereโs no denying that their move towards a bitcoin ETF sends a potent message,โ he admitted.
Hougan remained reserved about specific surveillance-sharing arrangements linked to Bitwiseโs ETF proposal. He emphasized, however, that the success of any spot bitcoin ETF application hinges on a variety of analytical factors.
โThis includes in-depth analysis of the CME market, and though surveillance-sharing agreements may be a compelling consideration, Bitwise is likely to adopt a comprehensive approach,โ Hougan explained.
