Here We Go Again; Another ETF Candidate files Paperwork

Here We Go Again; Another ETF Candidate files Paperwork

After hinting its intention earlier this month, San Francisco-based asset management company Bitwise announced the filing for a new Bitcoin ETF with NYSE Arca, according to a press release published by Cision PR Newswire.

“After nearly a year of in-depth research,” the press release says. “the firm believes it can provide the SEC with the type of information and data the agency has indicated it needs to fully evaluate bitcoin ETFs.

There has been a lot of noise in the industry as the Cboe withdrew its rule change proposal to facilitate ETF bitcoin candidates last week.

However, Bitwise filed its proposal for a new Bitcoin ETF as its filing differs from previous candidates as “it will rely on regulated third-party custodians to hold its physical bitcoin, and in that the index draws prices from a large number of cryptocurrency exchanges, representing the majority of currently verifiable bitcoin trading.”

As the note says, the Bitwise Bitcoin ETF will track the proprietary Bitcoin Total Return Index, “seeking to capture the full value of an investment in bitcoin, inclusive of meaningful hard forks. Bitwise Index Services, LLC produce the index.”

John Hyland, Global Head of Exchange-Traded Funds for Bitwise, is optimistic that 2019 will be the year that a bitcoin ETF will see the light. However, he understands that “there can be no assurance that the 19b-4 application will be granted or the SEC will review and ultimately accelerate the registration statement.”

“We believe the crypto trading ecosystem has evolved in significant ways in the past year,” further stated Mr Hyland. “Having a regulated bank or trust company hold physical assets of a fund has been the standard under U.S. fund regulation for the last 80 years, and we believe that is now possible with bitcoin.”

In this framework, Matt Hougan, Global Head of Research for Bitwise, affirmed the company has “spent the past year researching these questions and look forward to discussing those findings with the SEC staff in connection with the filing and listing application.”

Recently Similar News

cex-promotion etoro-promotion

Latest Guides

Latest News

Asia,Binance,Japan,South Korea

Binance Reveal Three East Asian Expansion Plans

Yesterday was one that saw gradual developments emerging from Binance all of which focus on areas of East and South-East Asia. Throughout the day yesterday, Binance’s blog updated 3 times with news that the plan was making deals and launching accessibility options for currencies and blockchain-orientated companies in major Asian countries, Japan, South Korea and […]

21 January, 2020
CoinEx,Listings,Margin Trading,Promotion

CoinEx Announce Free Margin Trading Borrowing & KDA Listing

CoinEx have announced a period of free borrowing for margin trading and the listing of a new token known as KDA with a trading competition attached. The first of these announcements has come as means to celebrate the Bitcoin Cash (BCH) Halving which is scheduled for later this year. In March, the mining reward for […]

20 January, 2020
Coinbase,Cosmos,Exchange Platforms,Listings

Cosmos (ATOM) Is Now Live at Coinbase

Earlier this week, Coinbase listed the native token of an interoperable blockchain protocol that facilitates the transfer of data between existing chains, Cosmos. The token known as ATOM has been live on the platform since Thursday across the Coinbase platform This includes the possibility to do so while on the go on either the mobile […]

19 January, 2020
KuCoin,Listings,Margin Trading,Promotion

Borrow New Tokens on KuCoin Margin Trading With 0% Interest

KuCoin have expanded their listed tokens on their platform with the addition of 5 new tokens available to traders and are offering zero interest on these tokens as a special promotional offer. The KuCoin margin trading service is one of the newest products offered by the trading platform and has become an area of their […]

19 January, 2020
Exmo,Fiat,Updates

You Can Now Trade with Kazakhstan Tenge (KZT) at EXMO

EXMO has added to their fiat currency trading options with the inclusion of the Kazakhstan Tenge which became available on the platform earlier this week. EXMO hey were already one of a limited number of platforms that offered Polish Zloty, Ukrainian Hryvnia and Turkish Lira, but the decision to choose the Kazakhstan Tenge (KZT) is […]

18 January, 2020
Custodian,Fee Decrease,Kraken,Promotion

You Can Fund Your Kraken Account For Free This February

This February you can fund your Kraken account for free when you use Etana Custody. Etana is a custody service that operates with Tier 1 banks across the globe and holds offices in prominent locations of the financial world such as USA, Singapore, Japan, and Europe. The core model of the business is the offering […]

17 January, 2020
CEX,Launch,Stake,Staking

CEX’s New Automatic Staking Feature Has Officially Gone Live

The CEX Automatic Staking Feature has gone live with 4 tokens currently available to stake on the platform. CEX announced news of the staking feature last week but didn’t designate a specific time for it to launch. However, CEX users were informed yesterday that staking was up, running and ready for users to start earning […]

16 January, 2020
Acquisitions,Australia,Kraken,Updates

Kraken Acquires Australian Firm, Bit Trade

Kraken has announced the acquisition of Bit Trade – the longest-running Australian crypto service provider. Bit Trade has been in business since as far back as 2013. In that time, it has established a solid reputation thanks to its intuitive and sophisticated products and its assistance on ensuring security and regulatory compliance. This made it […]

15 January, 2020