Revised Bitcoin ETF Proposal Submitted by Bitwise

Bitwise has resubmitted its amended proposal for a Bitcoin Exchange-Traded Fund (ETF). The decision comes in response to feedback and queries raised by the U.S. Securities and Exchange Commission (SEC).

Responding to SEC concerns

According to recent social media posts from ETF industry analyst James Seyffart, the revised proposal is largely in line with expectations. 

Seyffart noted that the amendments seem to be Bitwise's responses to the SEC's comments and concerns, with many of the changes mirroring those seen in other recent amendments from other candidates that are vying to launch an ETF.  

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One new piece of information unveiled is the ticker for the Bitwise product. If the proposal is given the green light by the SEC, the product will be traded under the ticker $BITB.

Bitwise's persistent quest for a spot ETF 

Over the years, Bitwise has shown unwavering commitment to the launch of a spot Bitcoin ETF. In October 2019, the SEC declined Bitwise Asset Management's proposal to establish an ETF, a proposal which Bitwise had partnered with NYSE Arca to file. 

The SEC's decision was primarily based on concerns about potential market manipulation and other illegal activities. 

Bitwise CIO Matt Hougan now believes in the eventual endorsement of a spot Bitcoin ETF, which appears to be the consensus within the industry.