The US Securities and Exchange Commission has officially endorsed an instant Bitcoin ETF from San Francisco-based Bitwise Asset Management, confirming rising institutional participation in cryptocurrency investments.
The United States Securities Commission (SEC) has granted official recognition to Bitwise Asset Management’s instant Bitcoin ETF proposal. San Francisco-based Advanced Technology Asset Management initially submitted its Bitcoin ETF application back in October 2021 but has since revised and resubmitted the proposal on June 28 of this year.
According to the SEC documentThe proposed change relates to the “Listing and Trading of Shares of the Bitwise Bitcoin ETP Trust” pursuant to Rule 8.201-E of the New York Stock Exchange, which covers commodity-based trust shares.
Bitwise’s latest filing adds to the growing number of institutional applications for bitcoin spot ETFs, a trend energized by BlackRock’s June 15th filing.
Bitwise Chief Investment Officer Matthew Hogan, highlighted The importance of BlackRock’s market presence in a conversation with CoinDesk on July 10.
“As the world’s largest issuer of ETFs, BlackRock operates with great influence and great attention to detail,” Hogan said. “There is no denying that their move towards a Bitcoin ETF sends a strong message,” he admitted.
Hogan remained reticent about the specific watch-sharing arrangements associated with Bitwise’s ETF proposal. He emphasized, however, that the success of any Bitcoin ETF implementation depends on a variety of analytical factors.
“This includes an in-depth analysis of the continuing education market, and while monitoring share agreements may be a compelling consideration, Bitwise is likely to take a holistic approach,” Hogan explained.
