Bitwise requested new physique of Bitcoin ETF with the U.S. securities and exchange
Home News Bitwise requested new physique of Bitcoin ETF with the U.S. securities and exchange
Marcus Misiak –
Bitwise Asset Management, a provider of crypto-asset Index – and Beta Fund, announced yesterday that it has filed with the us securities and exchange Commission, the Securities and Exchange Commission (SEC) a new application on a physically held the Bitcoin Exchange Traded Fund (ETF). The proposed Bitwise Bitcoin ETF would track the Bitwise Bitcoin Total Return Index.
The proposed ETF is different from the previously submitted proposed Bitcoin ETFs in that regulated Third-party custodians hold the physical Bitcoin, and that the Index draws its data from a large number of cryptocurrency exchanges, which represent the majority of the currently verifiable Bitcoin-trade.
The proposed quotation of stock exchange, the NYSE Arca. Inc. (NYSE), is a request for the recording of shares of the Bitwise Bitcoin ETF under a Ticker symbol that will be determined at a later date. Bitwise expects the NYSE to submit in the coming days with the SEC a so-called “Rule 19b-4″application, in which you requested the necessary Amendments to the NYSE rules, so your application can be approved.
John Hyland, Global Head of Exchange-Traded Funds for Bitwise said in the official press release:
Although there is no guarantee that the 19b-4 will be granted to the request or the SEC will review the registration statement and, ultimately, speed up, we are optimistic that 2019 should be the year in which a Bitcoin ETF comes out on the market. The SEC has made it difficult and relevant questions about the quality of the crypto-trade ecosystem, the reliability of the crypto-pricing, to the strength of the arbitrage function in crypto, and for the robustness of the crypto-storage. We have spent the last year in order to examine these questions and look forward to discussing this with the SEC staff in connection with the filing and stock exchange approval.
In view of the wording by the company in its press release, it is likely that the Bitwise tries to numerous concerns raised by the SEC in respect of a Bitcoin ETF-product to eliminate.
The efforts of Bitwise are cited by Hyland, who has an extensive Background in the ETF area. Hyland Chief Investment Officer United States Commodity Funds, where he led the efforts, including the world’s first crude oil ETFs (United States Oil Fund (USO)), the world’s first natural gas ETF (United States Natural Gas ETF (UNG)), and ground-breaking commodity index funds.
Matt Hougan, Director of research of the company, also noted that Bitwise has sought to ensure that their Bitcoin ETF complies with the SEC guidelines, he met with the Supervisory authorities, similar products are investigated, and solutions for the problems in terms of liquidity, security, Monitoring, storage, and Manipulation was looking for.