Bitwise Submits Bitcoin ETF Filing Saying '2019 Should Be The Year' – Bitcoinist.com

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Bitwise Submits Bitcoin ETF Filing Saying '2019 Should Be The Year' - Bitcoinist.com

Cryptocurrency asset administration agency, Bitwise, has submitted one other Bitcoin ETF submitting to the United States Securities and Exchange Commission (SEC). The agency’s earlier BTC ETF submitting was among the many ones rejected by the SEC in 2018


Physically-backed Bitcoin ETF

If at first, you don’t succeed, strive once more. The well-known maxim appears contextual for Bitwise because the agency prepares for an additional go at acquiring SEC approval for a Bitcoin ETF. According to a press launch revealed on Thursday, January 10, 2019, the cryptocurrency asset administration agency filed an preliminary registration assertion on Form S-1 with the SEC.

This new submitting is for a bodily-backed Bitcoin ETF listed on the NYSE Arca. According to the announcement by Bitwise, the newly proposed BTC ETF will monitor the corporate’s Bitcoin Index.

Going ahead, NYSEC Arca ought to within the coming days, file a “Rule Change” with the SEC permitting it to listing shares of the Bitwise BTC ETF beneath an authorized ticker image.

Satisfying the SEC

For Bitwise, the main target is on satisfying the SEC this time round. The Commission has constantly affirmed its misgivings about approving a Bitcoin ETF primarily based on points comparable to market manipulation, truthful pricing, and liquidity.

Commenting on the corporate’s preparedness on this regard, the Global Research chief at Bitwise, Matt Hougan, stated:

The SEC has requested considerate and related questions in regards to the high quality of the crypto buying and selling ecosystem, the reliability of crypto pricing, the energy of the arbitrage operate in crypto and the robustness of crypto custody. We have spent the previous yr researching these questions and sit up for discussing these findings with the SEC employees in reference to the submitting and itemizing utility.

One of the numerous adjustments included within the new submitting is that it makes use of third-get together custody companies. As for truthful pricing considerations, the Bitwise BTC index aggregates pricing information from most of the distinguished trade platforms within the business. The firm is hoping that such a mechanism constitutes truthful asset pricing for the SEC.

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