June 18, 2024

Bitwise and NYSE Arca plan to re-apply for Bitcoin ETFs

Bitwise Asset Management and the NYSE Arca exchange announced that they intend to re-apply for the launch of the tradableexchange-traded fund (ETF) on bitcoin "as soon as possible."

In a press release, companies emphasized that while the US Securities and Exchange Commission (SEC) rejected their previous bid, Bitwise and NYSE Arca are seeing tremendous progress:

“We greatly value the thorough SEC analysis. The detailed analysis of the application that they submitted in the refusal provides all the necessary context and indicates a clear path that must be taken for the Commission to approve the application. We look forward to continuing our productive engagement with the SEC to resolve the remaining issues and intend to resubmit the application as soon as possible. ”

Recently, the head of research at Bitwise, Matt Hougan, said that their application for the launch of the Bitcoin ETF, which arrived at the SEC back in January of this year, will be approved in the near future.

“Unfortunately, we were not able to satisfySEC requirements in a period of 240 days, which is given for such applications. The commission needs more data and time to understand our arguments. We are pleased with the progress that the industry has shown, and we believe that after further research and development of the industry, the SEC will be satisfied, ”the press release said.

In early September, the Chairman of the Commission on ValuableUS Securities and Exchange Commission (SEC) Jay Clayton said that while significant steps had been taken towards launching ETFs on bitcoin, “there is still work to be completed.”