- Bitwise will have to wait until mid-May.
- Earlier this year VanEck withdrew the similar application.
The US Securities and Exchange Commission (SEC) was supposed to make a long-awaited decision on Bitcoin ETF on April 2, however, the regulator postponed it once again. The proposal authored by the San Francisco-based asset manager Bitwise will be considered in the middle of May.
Bitwise filed an application with the US regulator to get a permission for operating ETH backed by Bitwise Bitcoin Total Return Index. The company says that the index will allow investors to tap the world’s largest cryptocurrency asset and “its meaningful hard forks.”
The proposal implies 100% assets security as they will be held with an institutional, regulated third-party custodian, while the index will be based on prices received from various cryptocurrency trading platforms.
Apart from Bitwise is blockchain technology company SolidX in partnership with VanEck filed an application with the SEC to obtain a permission for Bitcoin ETF. However, the company shelved its plans for the coveted bitcoin license until better times.
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