Bitwise has joined the list of investment firms looking to launch a Bitcoin ETF in the United States.
Bitwise files for an ETF with the SEC
Cryptocurrency investment firm BitWise has partnered with ETF Series Solutions to file for a bitcoin futures exchange-traded fund (ETF). The investment firm filed for the Bitcoin futures ETF yesterday with the United States Securities and Exchange Commission.
Bitwise Index Services, a division of the asset management firm, was tasked with filing the ETF proposal. The ETF, called the Bitwise Bitcoin Strategy ETF, was filed under the Investment Company Act of 1940. The fund is seeking to invest in bitcoin futures and other financial products.
The fund said, “The Fund will not invest directly in bitcoin. While the Fund intends to obtain exposure to bitcoin primarily through indirect investments in standardized, cash-settled bitcoin futures contracts traded on commodity exchanges registered with the CFTC (’Bitcoin Futures’), it may also invest in pooled investment vehicles and Canadian-listed funds that provide exposure to bitcoin.”
More investment firms are submitting Bitcoin futures ETF
The United States SEC, under the leadership of Gary Gensler, has stated that it will favor an ETF that doesn’t directly track the performance of the cryptocurrencies. Instead, it should be an ETF that seeks to invest in futures that are tied to the cryptocurrencies.
The comment has seen a few companies, including VanEck and Galaxy Digital submit Bitcoin futures ETF proposals with the regulator.