Bitwise has filed an S-1 S-1 application with the US Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) backed by bitcoins.

Bitwise Applies To Listing Bitcoin ETF In USA

Bitwise, a cryptocurrency asset manager, has filed an S-1 Form S-1 with the US Securities and Exchange Commission (SEC) to list an exchange traded fund (ETF) backed by bitcoins.

The fund is proposed to be tied to the Bitwise Bitcoin Total Return index, which tracks the movements of the first cryptocurrency and its "significant hard forks". If approved, the ETF will be launched on the NYSE Arca, a stock and options trading focused exchange.

Bitwise ETF director John Hyland acknowledged that the SEC may not give the green light to their initiative. “We believe that the cryptocurrency trading ecosystem has matured in recent years. Having a regulated bank and trust company to physically hold assets has become a standard requirement for funds in the United States over the past 80 years. We hope that we will be able to repeat the same with Bitcoin, - he said. "We are optimistic that 2019 will be the year of the Bitcoin ETF launch.".

The SEC is currently continuing to review a proposal to launch a bitcoin fund by VanEck and SolidX in partnership with the Chicago Board Options Exchange. The decision was postponed several times and should be made by February 27 of this year.

According to Bitwise, its Bitcoin ETF features a third-party custodian solution for storing bitcoins. The proposed index for use in ETFs is based on prices collected from "a large number of cryptocurrency exchanges", which represent "most of the Bitcoin trading available for verification at the moment".

Bitwise's head of research, Matt Hogan, said that in developing their ETF, they focused on questions that the SEC has asked applicants in the past. “Over the past year, we have studied these issues. Now we want to discuss our findings with the SEC, "he added..

According to the press release, NYSE Arca will submit the necessary documents "in the coming days".

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