Bitwise Files for Physically Backed Bitcoin ETF With NYSE Arca

Posted on by American Coins & Gold

Bitwise Files for Physically Backed Bitcoin ETF With NYSE Arca
Bitwise Asset Management has filed for a physically-backed bitcoin exchange-traded fund (ETF) with NYSE Arca.The filing, revealed by Bitwise Chief Investment Officer Matt Hougan on Thursday, would trade based on the price of actual bitcoin, rather than bitcoin futures, and is based on the Securities Exchange Commission’s 2019 rejection of a previous application.At the time, the SEC cited market manipulation and surveillance concerns, including what agency officials saw as the lack of a market of “significant” size.Bitwise now believes that these concerns can be addressed, Hougan said in a Twitter thread.Referring to the Chicago Mercantile Exchange, Hougan tweeted that “The…