Crypto News : Bitwise Follows BlackRock’s Lead, Reapplies for Bitcoin Spot ETF

Bitwise Asset Management has announced the refiling of its application for a Bitcoin spot exchange-traded fund, or ETF. 

 This move comes in the wake of BlackRock, the world’s largest asset manager, also expressing its interest in a Bitcoin ETF. 

Bitwise Makes a Comeback and Refiles Application for Bitcoin Spot ETF

During last year’s June application period, the U.S. Securities and Exchange Commission, or SEC, rejected the previous application.

The SEC had cited concerns regarding the lack of proper surveillance-sharing, protection against market manipulation, and the size of the relevant market when rejecting Bitwise’s earlier ETF application.

However, the SEC had acknowledged the potential for future applications to address these concerns, and Bitwise is now seeking to demonstrate its compliance in its latest filing.

In our latest filing, we have made a formal request for a well-defined timeline regarding the SEC’s decision-making process. Specifically, we have asked for a decision on approval, rejection, or the initiation of other proceedings within a specific timeframe of 45 to 90 days. Our aim is to enhance the evaluation process by bringing greater clarity and transparency to it.

Although the application has been made public through the New York Stock Exchange (NYSE), it is important to note that it is still awaiting processing by the SEC. Consequently, the precise deadline for a decision remains uncertain at this time.

Bitwise Follows BlackRock’s Lead with New Proposal for Bitcoin Spot ETF

Following the recent news about BlackRock’s submission of a Bitcoin spot ETF application on June 15, Bitwise has made its own filing in response. BlackRock’s application has raised hopes among market participants, given the company’s track record of successful ETF applications with the SEC. 

However, experts remain cautious about the likelihood of approval for BlackRock’s current proposal. It is important to note that the SEC has yet to approve any Bitcoin spot ETF and has previously rejected several applications from both the cryptocurrency and financial industries.

Bitwise CEO Matthew Hougan has addressed this regulatory landscape, stating in March that while he believes the U.S. will eventually approve a Bitcoin spot ETF, the current environment presents challenges for companies seeking to offer such a fund. Hougan remarked that there is currently no clear pathway for approval.

As the industry continues to navigate the evolving regulatory landscape, the fate of both Bitwise and BlackRock’s Bitcoin spot ETF applications remains uncertain.