Bitwise Asset Management, a cryptocurrency startup in the United States of America has filed for a new bitcoin ETF with the Securities and Exchange Commission. According to the startup, the new bitcoin ETF clarifies the regulatory concerns due to which their previous bitcoin ETF was rejected by the SEC.
Bitwise has proposed the Bitwise Bitcoin ETF Fund Trust with the SEC which would measure the value of bitcoin and the significant bitcoin hard forks through the Bitwise Bitcoin Total Return Index. If the SEC approves the proposed ETF, then the shares shall be listed on the New York Stock Exchange Arca.
The ETF application filed by Vaneck and SolidX in collaboration with Cboe is still pending with the Securities and Exchange Commission which has to give a final decision on the same on 27th February this year.
In the Bitwise Bitcoin ETF, bitcoin will be stored the trust by regulated third-party custodians and also ascertain the price using the data of a lot of crypto exchanges rather than just a few. According to Bitwise, they have spent the whole last year in drafting the proposal so that the previous concerns of the SEC are clarified in it and hopefully it may be approved this time.