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Bitwise applies for ‘actual’ Bitcoin ETF with NYSE Arca


After almost two years, Bitwise Asset Management has once again applied with the U.S. Securities and Exchange Commission to create a Bitcoin exchange-traded fund. 

In an Oct. 14 Twitter announcement from Bitwise chief investment officer Matt Hougan, the investment firm will be pursuing a Bitcoin (BTC) ETF with NYSE Arca that holds “actual BTC,” and not derivatives or other indirect exposure to cryptocurrencies. According to Hougan, the Bitwise team has spent more than two years analyzing the firm’s ability to “surveil and enforce” any attempts at manipulation and concluded that the Chicago Mercantile Exchange, or CME, is a “regulated market of significant size” for the crypto market.

“The market has matured,” said the Bitwise CIO. “An actual BTC ETF can now be approved.”

The company’s filing with the SEC shows it plans to register 1,000 shares of its Bitwise Bitcoin ETP Trust with a proposed maximum offering price of $25. The SEC filing states the company will use the CME U.S. Reference Rate as a price reference for Bitcoin in the trust.

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