![Bitwise files with the us sec for a physically held bitcoin [btc] etf](https://ohiobitcoin.com/wp-content/uploads/2019/01/pKOtQw.jpg "Bitwise files with the us sec for a physically held bitcoin [btc] etf")
![Bitwise files with the us sec for a physically held bitcoin [btc] etf](http://ohiobitcoin.com/wp-content/uploads/2019/01/pKOtQw.jpg "Bitwise files with the us sec for a physically held bitcoin [btc] etf")
Cryptocurrency index fund provider Bitwise Asset Management has applied with the Securities and Exchange Commission () to launch a new bitcoin [BTC] () Exchange Traded Fund (), according to a published today, Jan. 10.
According to the form, Bitwise’s proposed ETF will track the Bitwise bitcoin [BTC] Total Return Index, the value of which is “calculated based on the prices of blockchain that the Index Provider derives from blockchain price transactions occurring on cryptocurrency exchanges.” According to a accompanying the newly filed form, the firm’s proposed bitcoin [BTC] ETF reportedly differs from other previously proposed bitcoin [BTC] ETFs in that it draws prices from a variety of crypto exchanges, with the aim of better representing the market.
Bitwise’s bitcoin [BTC] ETF reportedly also differs from other applications in that it would require “regulated third-party custodians to hold its physical blockchain.”
In the firm’s press release, John Hyland, Global Head of ETFs at Bitwise declared:
“Having a regulated or trust company hold physical assets of a fund has been the standard under U.S. fund regulation for the last 80 years, and we believe that is now possible with bitcoin [BTC].”
As Cointelegraph in July, Bitwise had filed with the SEC to launch a crypto ETF tracking the Bitwise HOLD 10 Private Index Fund, a basket of ten cryptocurrencies. To press time, a decision from the SEC is still pending.
An ETF is a security that tracks an asset or a group of assets and is traded the same way in which stocks are on an exchange. As Cointelegraph earlier this month, Financial Services Agency () has denied that it is considering allowing bitcoin [BTC] exchange-traded funds.
The crypto industry has long the approval of a bitcoin [BTC] or generally crypto ETF by U.S. regulators, since have applied to launch such products in the country. In December, the SEC further postponed its decision on a bitcoin [BTC] ETF by firm VanEck and company on the Chicago Board Options Exchange (), setting the new deadline for Feb. 27, 2019.
Also in December, an SEC commissioner “not to hold your breath” waiting for a bitcoin [BTC] ETF, speaking at the Digital Asset Investment Forum held in Washington.
Published at Thu, 10 Jan 2019 19:36:00 +0000
