SEC acknowledges bitcoin ETF filings from BlackRock, Bitwise and others

Quick Take

  • Bitwise’s spot Bitcoin ETF has been officially acknowledged by the SEC.
  • The San Francisco-based digital asset manager refiled their ETF on June 28

The Securities and Exchange Commission has officially acknowledged spot bitcoin ETF applications from asset managers including BlackRock and Bitwise.

The regulator said Friday that it also reviewing applications for funds including Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust and Invesco Galaxy Bitcoin ETF.

Bitwise, a San Francisco-based digital asset manager, first filed for a spot Bitcoin ETF in October 2021, but amended and refiled their application on June 28 of this year.

"Notice of filing of a proposed rule change to list and trade shares of the Bitwise bitcoin ETP Trust under the New York Stock Exchange ARCA Rule 8.201-E, commodity-based trust shares," the SEC notice said. It made similar announcements for the other proposed funds. 

Bitwise's filing follows a host of institutional applications, fueled by BlackRock's June 15 spot Bitcoin ETF application.

Following in BlackRock's footsteps


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Referring to the firm's re-filing, Bitwise's Chief Investment Officer Matthew Hougan told CoinDesk: “You have to listen when Blackrock comes to the market, because they're the largest ETF issuer in the world, they are very careful and connected."

"I would be lying if I didn't say that that was an important signal," he said.

Hougan said he couldn't elaborate on a specific surveillance-sharing agreement for Bitwise's ETF. "The most successful spot Bitcoin ETF application will need to include multiple pieces of analysis. These include analysis focusing on the CME market and obviously surveillance-sharing agreements are an interesting idea. But, I think it is going to be a more holistic approach that Bitwise will take," he added.

The collective assets under management (AUM) of BlackRock, Fidelity, Invesco, WisdomTree, VanEck, Ark Invest, Valkyrie, and Bitwise Asset Management, all of whom have recently resubmitted filings for a spot Bitcoin ETF, total approximately $15.39 trillion.

(Updates with additional acknowledgements from SEC.)

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].


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