- Bitwise seems to have made the adjustments in response to concerns raised by the SEC.
- If the SEC approves the proposal, the product will be listed under the symbol $BITB.
Bitwise has resubmitted its Spot Bitcoin ETF proposal after making certain changes to it. The United States SEC provided input and asked questions that led to this determination. The new plan is consistent with expectations, according to social media postings by ETF industry expert James Seyffart.
UPDATE: @BitwiseInvest has submitted their amendment for their #Bitcoin ETF pic.twitter.com/8ByhlMvdMN
— James Seyffart (@JSeyff) October 25, 2023
According to Seyffart, Bitwise seems to have made the adjustments in response to comments and concerns raised by the SEC, with many of the modifications being similar to those made by other applicants in recent weeks.
The Bitwise product’s ticker has been revealed, for example. If the SEC approves the plan, the product will be listed under the symbol $BITB.
All Eyes on Approval
Bitwise has shown unrelenting dedication over the years to the introduction of a spot Bitcoin ETF. Bitwise Asset Management and NYSE Arca filed a proposal with the SEC to create an exchange-traded fund (ETF) in October 2019, however the SEC rejected the application. Market manipulation and other unlawful conduct were major factors in the SEC’s judgement.
Bitwise’s chief investment officer, Matt Hougan, has recently come around to the industry consensus that a spot Bitcoin ETF would be approved. The CIO made an analogy between what occurred to gold’s price when the precious metal obtained its first exchange-traded fund (ETF) in the US in 2004 and what may happen to BTC.
Hougan recently said that Bitwise’s main goal is to teach people in the conventional banking industry about Bitcoin. The Bitcoin price has been witnessing strong upsurge on the anticipation of a spot Bitcoin ETF approval.
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