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Bitwise Sends Application To Create Bitcoin ETF

10:32 11/01/2019

The Bitwise crypto fund sent a Form S-1 application to the US Securities and Exchange Commission (SEC) in an effort to create a bitcoin-pegged exchange-traded fund (ETF), as follows from a press release.

 

Bitwise will take the index, which collects data from the largest and most trustworthy trading platforms, as the basis of its bitcoin ETF. Moreover, the company plans to transfer the right to store bitcoins to a regulated custodian institution. According to the organizers of the project, this step should convince SEC officials of the seriousness of the company's intentions. The fund’s securities are planned to be placed on NYSE Arca.

The questions from SEC are relevant and well-founded, the Commission members want to know about the quality of the crypto trading system, how the value of digital assets is formed, and at which stage of development are their storage solutions. The company is ready to discuss all these topics mentioned in the application with SEC representatives, Bitwise’s head of research Matt Hougan stressed.

 

Bitwise representatives express the hope that the crypto ecosystem has changed significantly lately, and 2019 should be the year of the bitcoin ETF launch.

It should be stressed that this is the second attempt of Bitwise to launch bitcoin ETF. In July 2018, the fund filed a corresponding application based on an index of the ten most liquid digital assets.

 

Earlier, during the Ask Me Anything session on the Reddit website, the Winklevoss brothers stated that they were not giving up and were determined to get permission to create bitcoin ETF as never before.

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