Bitwise Asset Management Files For A Bitcoin ETF


  • Bitwise Asset Management has filed for a physically-backed bitcoin ETF with NYSE Arca, according to a new filing with the SEC.
  • The exchange-traded fund would trade spot bitcoin instead of BTC futures, as most filings have recently sought to do.
  • “The market has matured,” Bitwise chief investment officer Matt Hougan said on a Twitter thread, explaining the company’s rationale for the filing.

While many companies have been following the SEC’s chair Gary Gensler’s recent remarks and filing for exchange-traded funds (ETFs) for bitcoin futures, Bitwise took a different route. The asset manager’s CIO, Matt Hougan, shared on Twitter why his company chose to seek the approval of an actual bitcoin ETF instead of one based on futures.

“There’s already a separate BTC futures-based Bitwise ETF filing. But actual BTC is better,” Hougan wrote. “And we believe it’s finally possible.”

Hougan compiled a short thread to summarize Bitwise’s lengthy 100-page report analyzing why the firm believes the U.S. Securities and Exchange Commission (SEC) will capitulate soon. The CIO of Bitwise cited three significant reasons why a bitcoin ETF is better than a bitcoin futures ETF: costs, dilution, and tail risk.

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