Bitwise Investment has made adjustments to its spot bitcoin ETF application registration. This response follows feedback received from the U.S. Securities and Exchange Commission (SEC).
Bloomberg Intelligence analyst James Seyffart shared insights about this development on his Twitter profile. According to him, the revisions in the application have not been substantial.
Nevertheless, the company has introduced its product identifier as BITB. In the event of SEC endorsement, this ETF will be accessible for trading on the NYSE Arca platform. When asked about its significance, Seyffart clarified that it represents an ongoing dialogue between the parties and the regulatory authority.
Recent Changes in Bitcoin ETF Applications and SEC’s Timeline for Decisions
In the preceding month, Ark Invest made adjustments to its joint submission with 21Shares for the registration of a spot Bitcoin ETF. The updated application from the firm also encompassed methodologies for safeguarding assets and ascertaining the net asset worth in compliance with Generally Accepted Accounting Principles (GAAP).
BlackRock’s proposed spot Bitcoin ETF, known as the iShares Bitcoin Trust, has been incorporated in DTCC’s compilation of assets for which the company extends post-trading, clearing, and settlement services. This instrument is denoted by the symbol IBTC.
However, the SEC has deferred determinations on all applications for spot Bitcoin ETFs, including the Bitwise case. The regulatory authority has until March-April 2024 to reach a conclusive decision concerning this category of exchange-traded products.