Bitwise Applies For Bitcoin ETF In US With ETF Series Solutions
Crypto asset manager Bitwise has applied for a new Bitcoin Exchange Traded Fund (ETF) product in the United States, placing the company on a growing list of applications pending approval for such a fund. The new ETF product, dubbed Bitwise Bitcoin Strategy ETF (BITC), is a joint effort of Bitwise Index Services, its asset management division, and ETF Series Solutions, according to filing with the SEC on Tuesday.
According to the filing, the Bitwise Bitcoin Strategy ETF will not invest directly in BTC, but will focus on exchange-traded futures contracts. The SEC currently has over 10 ETF applications pending approval. The cryptocurrency ecosystem has grown to the point where both retail and institutional investors are willing to use secure ways to gain access to the nascent world of digital currencies.
ETF is one of the main alternatives that directly track the prices of its underlying assets. Regulators in Canada, Germany, Brazil and other countries have approved similar crypto ETF products. The US SEC continues to delay the ETF approval process, citing the inherent volatility of the ecosystem.
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