Bitwise Asset Management has taken a significant step towards launching its Bitcoin spot exchange-traded fund (ETF) by submitting a filing on June 16 to the U.S. Securities and Exchange Commission (SEC). This move comes after Bitwise’s previous application for a Bitcoin spot ETF was rejected by the SEC in June 2022.
The SEC’s rejection last year was based on concerns regarding surveillance-sharing, protection against market manipulation, and the overall size of the relevant market. However, the SEC did mention the potential for future applications to address these concerns, providing hope for Bitwise’s latest filing.
In its recent submission, Bitwise urges the SEC to decide on its proposed rule change within a timeframe of 45 to 90 days while clarifying that the actual deadline remains uncertain as the application is yet to be processed by the SEC, despite being published by the New York Stock Exchange (NYSE).
Interestingly, this filing from Bitwise comes shortly after asset management giant BlackRock filed for a Bitcoin spot ETF on June 15. BlackRock’s involvement in the race has sparked optimism among enthusiasts, considering the SEC’s historical reluctance to reject the company’s ETF applications. However, some experts express skepticism regarding the chances of success for BlackRock’s application.
To date, the SEC has not approved any Bitcoin spot ETF, having turned down multiple applications within the cryptocurrency and financial industry. Bitwise CEO Matthew Hougan addressed this predicament back in March, acknowledging that while he believes the U.S. will eventually approve a Bitcoin spot ETF, the current landscape offers “no path forward” for companies seeking to offer such funds.
As Bitwise and BlackRock vie for SEC approval, the cryptocurrency community eagerly awaits a breakthrough in the regulatory landscape. The outcome of these applications could potentially pave the way for the long-awaited launch of a Bitcoin spot ETF, providing investors with a regulated avenue to gain exposure to the world’s leading cryptocurrency.