Bitwise Applies for ETF with SEC
Bitwise has applied for a digital asset ETF with the SEC as the latest in line. Applied for as HOLD 10 and will monitor return payments of Bitwise’ HOLD 10 Index based top ten cryptocurrencies and possesses 80% of total market capitalization.
Bitwise applied with the SEC, registering their index although no approval has happened just yet. Pending the SEC’s decision to either approve or deny the ETF, no share purchases or selling may occur among any of the head executives at Bitwise. Earlier in July, VanEck, and SolidX re-applied for a BTC ETF that caused a stir among the community, although the request was not denied as it was last year and is currently being overseen. A little later, the SEC allowed the public to comment and share their opinions on the matter as a means of seeing how far interested investors and individuals would go.
Later on, the SEC stated that it would develop a new infrastructure for legalization regarding ETF after the submission was positively received by the community. As a means of boosting innovation in the finance industry, the US watchdog is developing a friendlier regulation for ETF’s.
ETP international head at Bitwise, John Hyland, stated that the company did, in fact, know that other companies have applied for crypto-ETF’s and while these applications are all ultimately meant as a means of exposing a specific cryptocurrency, he says their application was different since it would involve not one, but the top ten leading cryptocurrencies.
The leading researcher, Matt Hougan, said that even though the company continues offering investors the chance to deal with a single currency as per others, their multiple coins based is completely different and requires more detailed research and that Bitwise will be offering clients both options.
John Hyland stated that the company is aware of the ongoing crypto ETF's being submitted and how several debates and discussions have risen within the SEC regarding the newly emerging classification of the digital asset. He also mentioned the public and their comments on the situation and that the company looks forward to their own appearance with the SEC to discuss their submission.
The company launched in 2017 and began the first crypto-index of its kind last year and is currently supported by companies like General Catalyst and Khosla Ventures.