Tuesday, August 16, 2022

US SEC extends deadlines on its decision to approve Grayscale and Bitwise’s BTC ETF applications.

The Takeaway:

The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the Bitwise Bitcoin ETP Trust and Grayscale Bitcoin Trust applications.

The US SEC has issued two new extension dates for Grayscale and Bitwise applications to determine whether to approve, reject, or “institute proceedings to determine whether to disapprove” BTC ETF. The financial regulator expects to make a decision on February 1, 2022, for the Bitwise Bitcoin ETP Trust and February 6, 2022, for the Grayscale Bitcoin Trust. US SEC has been reluctant to approve a bitcoin ETF.

 

Bitwise Asset Management had applied with NYSE Arca for a Bitcoin ETF.

Earlier in October, Bitwise Asset Management had applied with NYSE Arca for a Bitcoin ETF. It will provide its clients exposure to “actual BTC” rather than derivatives like Bitcoin futures that the company had previously filed with the SEC but later withdrew due to regulatory concerns. According to the filing, Bitwise intends to register about 1,000 shares of its Bitwise Bitcoin ETP Trust with a proposed maximum offering price of $25, using the CME U.S. Reference Rate as a price reference for Bitcoin in the trust.

 

Chief Investment Officer is confident that SEC will approve a BTC ETF.

Despite several failed attempts, Bitwise’s chief investment officer, Matt Hougan, expressed confidence that the SEC would approve its application this time around. “The market has matured. An actual BTC ETF can now be approved,” he said. Around the same time as Bitwise’s filing, Grayscale Investments, the world’s largest digital currency asset manager, also submitted an application to the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin Spot ETF. The company has a massive $44 billion in assets under management (AUM), according to a December 17 update.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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