Bitwise has reportedly filed a registration application Form S1 with the US Securities and Exchange Commission targeting the launch of bitcoin-ETF.
According to the company press release, the new fund is planned to be listed on NYSE Arca exchange. The new asset will reportedly be based on Bitwise Bitcoin Total Return, which was developed to monitor changes of bitcoin and the major hard forks. For reference, NYSE Arca focuses on stock and options trading.
It should be mentioned that Bitwise ETF will stand out from other similar applications that were submitted to the regulator thanks to the fact that it will engage third-party regulated custodian service to keep bitcoins. This step is believed to eliminate possible doubts in ETF reliability that SEC can have during the determination.
Company representative Matt Hougan commented:
"The SEC has asked thoughtful and relevant questions about the quality of the crypto trading ecosystem, the reliability of crypto pricing, the strength of the arbitrage function in crypto and the robustness of crypto custody."
He also noted that their research team studied all issues on bitcoin ETF mentioned by the regulator earlier and now they are ready to cooperate with the SEC on this matter.
Meanwhile, NYSA Arca is said to file all required documents with the authority in the near term.