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Bitwise Asset Management Files For A Bitcoin ETF

  • Bitwise Asset Management has filed for a physically-backed bitcoin ETF with NYSE Arca, in accordance to a brand new submitting with the SEC.
  • The exchange-traded fund would commerce spot bitcoin as a substitute of BTC futures, as most filings have lately sought to do.
  • “The market has matured,” Bitwise chief funding officer Matt Hougan stated on a Twitter thread, explaining the corporate’s rationale for the submitting.

While many firms have been following the SEC’s chair Gary Gensler’s current remarks and submitting for exchange-traded funds (ETFs) for bitcoin futures, Bitwise took a special route. The asset supervisor’s CIO, Matt Hougan, shared on Twitter why his firm selected to search the approval of an precise bitcoin ETF as a substitute of 1 primarily based on futures.

“There’s already a separate BTC futures-based Bitwise ETF filing. But actual BTC is better,” Hougan wrote. “And we believe it’s finally possible.”

Hougan compiled a brief thread to summarize Bitwise’s prolonged 100-page report analyzing why the agency believes the U.S. Securities and Exchange Commission (SEC) will capitulate quickly. The CIO of Bitwise cited three vital the explanation why a bitcoin ETF is higher than a bitcoin futures ETF: prices, dilution, and tail threat.

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