Bitwise Asset Management is the latest US financial company to apply for regulatory approval to launch a bitcoin ETF. The company expects to get approval from the SEC, which all other candidates have not been able to do so far, using a new model for the instrument.
Bitwise Bitcoin ETF Trust
<img class = "alignright size-medium wp-image-273338″ title=”Bit Management Asset Management Files with SEC for New Bitcoin ETF” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/etf-300×188.jpg” alt=”Bit-level asset management files with SEC for the new Bitcoin ETF "width =" 300 "height =" 188 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/ etf-300×188.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/etf-768×480.jpg 768w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 / etf- 1024×640.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/etf-696×435.jpg 696w, https://news.bitcoin.com/wp- content / uploads / 2019/01 / etf-1392×870.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2019/01/etf-1068×668.jpg 1068w, https: //news.bitcoin. com / wp-content / uploads / 2019/01 / etf-672×420.jpg 672w "sizes =" (maximum width: 300px) 100vw, 300px”/>Bitwise Asset Management, a provider of several crypto index background, announced on Thursday, January 10 that it had filed a initial registration statement with the US Securities and Exchange Commission (SEC) for a new BTC Exchange Traded Fund physically held. The Company believes that its proposed ETF differs from previously filed proposals in that it will rely on regulated third-party custodians to hold its physical coins and that it relies on a large number of cryptocurrency exchanges representing the majority of transactions. currently verifiable.
The company reportedly spent 2018 looking for the SEC's cryptography market concerns, including the quality of the commercial ecosystem, price reliability, the strength of the arbitrage function and the robustness of the market. conservation. "We believe that the cryptographic trading ecosystem has evolved considerably over the past year," said John Hyland, Global Head of Exchange Traded Funds for Bitwise. "Having a bank or a regulated trust company holding the physical assets of a fund has been the norm for regulating funds in the United States for 80 years, and we think it's now possible with bitcoin. "
ETF to trade on NYSE Arca in 2019
<img class = "alignright size-medium wp-image-273339″ title=”Bit Management Asset Management Files with SEC for New Bitcoin ETF” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/nyse-300×188.jpg” alt=”Bit-level asset management files with SEC for the new Bitcoin ETF "width =" 300 "height =" 188 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/ nyse-300×188.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/nyse-768×480.jpg 768w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 / nyse- 1024×640.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/nyse-696×435.jpg 696w, https://news.bitcoin.com/wp- content / uploads / 2019/01 / nyse-1392×870.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2019/01/nyse-1068×668.jpg 1068w, https: //news.bitcoin. com / wp-content / uploads / 2019/01 / nyse-672×420.jpg 672w "sizes =" (maximum width: 300px) 100vw, 300px”/>According to Bitwise, the proposed listing exchange, NYSE Arca, Inc. (NYSE), will file a listing request for the shares of the Bitwise Bitcoin ETF under a ticker symbol that will be determined later. The company expects the NYSE to file a so-called Rule 19b-4 application with the SEC in the coming days, requesting the necessary rule changes to allow the ETF to list itself once the declaration of registration has been declared effective by the SEC.
"While there is no guarantee that the 19b-4 application will be accepted or that the SEC will ultimately review and expedite the registration statement, we are optimistic that 2019 will be the year of the launch." a bitcoin ETF, "said Hyland.
As reported recently in the news.Bitcoin.com, while companies were fighting for SEC approval so far, fund providers now claim sufficient market liquidity for such an ETF to be launched in 2019.
Is the SEC likely to approve this new ETF? Share your thoughts in the comments section below.
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