Bitwise wants the Bitcoin ETF – Who's doing the race?
Flap, how many? Who does not have yet, who wants to go again? Clear the way for the next ETF application in the US.
San Francisco-based Bitwise Asset Management enters the race to approve the first Bitcoin indexed, publicly traded fund in the US. It is said to be tradable under the name of Bitwise Bitcoin ETF on the Chicago Stock Exchange NYSE Arca, a subsidiary of the Intercontinental Exchange.
The performance of the fund is measured by the start-up as requested by the Bitwise Bitcoin Total Return Index. Bitwise calculates this "based on Bitcoin rates, the [Bitwise] derived from the courses on the crypto exchanges. "According to the SEC application, Bitcoin prices from more than 200 international exchanges are included in the index.
In addition, the Bitwise Bitcoin ETF also sets itself apart from other applications in that the traded Bitcoin are physically backed up to 100 percent.
"The proposed ETF differs from previously filed Bitcoin ETFs in that certified asset managers physically hold the tradable Bitcoin, and that the index draws prices from a large number of exchanges."
That's why John Hyland, ETF's chief executive at Bitwise, is confident that "2019 will be the year a Bitcoin ETF is launched."
Whether it will be his own, but also Hyland can not say. However, this would speak a "second-mover advantage". Because Bitwise had the opportunity to learn from the mistakes of the already rejected applications:
"We spent the last year [relevante Fragen seitens der SEC] and look forward to discussing them with the SEC staff in the context of approval ",
explains Matt Hougan, chief researcher at Bitwise, in a press release.
VanEck versus Bitwise
The fact that the US Securities and Exchange Commission sometimes takes a long time to decide on an ETF application was demonstrated by the example of the VanEck SolidX Bitcoin ETF. After the SEC adjourned the decision on the approval again, one can count on 27 February with a binding statement by the authority.
It is unlikely that the SEC will decide on the Bitwise application beforehand.
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