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Bitwise Refiles for Bitcoin Spot ETF Following BlackRock

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Bitwise Asset Management has taken the significant step of launching a Bitcoin spot exchange traded fund (ETF) by submitting a filing June 16 to the US Securities and Exchange Commission (SEC). This move comes after Bitwise’s previous application for a Bitcoin spot ETF was rejected by the SEC in June 2022.

The SEC’s rejection last year was based on concerns about oversight sharing, protection against market manipulation, and the overall size of the relevant market. However, the SEC did mention the potential for a future application to address this issue, giving hope to Bitwise’s latest filing.

In its recent filing, Bitwise urged the SEC to rule on its proposed rule change within 45 to 90 days while clarifying that the actual deadline is still uncertain because the application has not yet been processed by the SEC, despite having been issued by the New York Stock Exchange (NYSE). .

Interestingly, this submission from Bitwise comes shortly after asset management giant BlackRock proposed a Bitcoin spot ETF on June 15th. BlackRock’s involvement in the race has fueled optimism among enthusiasts, given the SEC’s historical reluctance to reject corporate ETF applications. However, some experts express skepticism about the chances of success for the BlackRock application.

To date, the SEC has not approved any Bitcoin spot ETFs, having rejected several applications within the cryptocurrency and finance industries. Bitwise CEO Matthew Hougan addressed the predicament in March, admitting that while he believes the US will eventually approve a Bitcoin spot ETF, the current landscape offers “no way forward” for companies looking to offer such funds.

As Bitwise and BlackRock vie for SEC approval, the cryptocurrency community is eagerly awaiting a breakthrough in the regulatory landscape. The results of this application have the potential to pave the way for the launch of the long-awaited Bitcoin spot ETF, providing investors with a regulated avenue to gain exposure to the world’s leading cryptocurrency.

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