Bitwise Asset Management is trying once again for a spot bitcoin exchange-traded fund, a move that comes on the heels of BlackRock's filing with the Securities and Exchange Commission to offer a spot bitcoin ETF.
On June 16, NYSE Arca filed with the SEC for a proposed rule change to list and trade shares of the Bitwise Bitcoin ETP Trust, according to a filing available on the New York Stock Exchange's website. On June 15, BlackRock filed with the SEC to offer the iShares Bitcoin Trust.
The Bitwise proposal comes after the SEC on June 29, 2022, issued separate orders disapproving applications for proposed rule changes filed with it by NYSE Arca to list and trade shares of the Bitwise Bitcoin ETP Trust and the Grayscale Bitcoin Trust. In each of those orders, the SEC cited concerns involving the potential for fraud and manipulation.
Grayscale Investments, sponsor of the Grayscale Bitcoin Trust, sued the SEC following the rejection and has said it expects a decision in the case by this fall.
In comments to Pensions & Investments in March, Matt Hougan, chief investment officer at Bitwise Asset Management, said Bitwise at that time did not see a path forward for a spot bitcoin ETF at the SEC, and that was why it didn't have an application on file.
"We continue to monitor the situation and plan to refile when the time is right," Mr. Hougan said at the time.
A spokesman for Bitwise on Tuesday confirmed the filing but said Mr. Hougan would not be providing a comment.