Cryptocurrency index provider Bitwise Asset Management has filedÂ a new Bitcoin ETF proposal with the Securities and Exchange Commission (SEC) on Thursday.
Unlike the other proposals, the Bitwise filed ETF will derive its price from an index determined using the data from large and trustworthy Cryptocurrency exchanges and physically settled futures contracts. The firm also said that it will hold Bitcoins for the product with a regulated custodian.
Bitwise plans to list the shares on NYSE Arca if the Bitcoin ETF is approved. NYSE Arca is an exchange owned by the Intercontinental Exchange (ICE) where both stocks and options are traded.
John Hyland, Global Head of ETFs for Bitwise said in a press release:We believe the crypto trading ecosystem has evolved in significant ways in the past year…Having a regulated bank 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.”
The firm claims that the Crypto ecosystem has evolved over the last year and all the concerns the SEC has shown over price manipulation of Bitcoin would be addressed in the proposal. Mr. Hyland also showed optimism over the Bitcoin ETF getting approved in 2019.
Recently theÂ Winklevoss twins conducted an AMA session on Reddit where they stated thatÂ they âare committed as ever to making an ETF a reality!â. Regulators in Japan are looking to potentially approve an ETF according to reports from Bloomberg.
Also Read:Hong Kong Billionaire Li Ka-shing Invests in ICE Backed Cryptocurrency Exchange Bakkt
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