Bitwise Asset Management, a crypto startup that pioneered the world’s first cryptocurrency index criticism is now gunning to launch the world’s first Bitcoin exchange-traded fund (ETF).
The innovative crypto association has already filed an initial registration form with the US Securities and Exchange Commission (SEC) to introduce a Bitwise Bitcoin ETF Trust. Bitwise’s due ETF would purportedly residence the regulatory concerns that have so distant cursed other Bitcoin ETFs from launching.
Bitwise’s Unique Bitcoin ETF Proposition
According to the initial registration statement, the ETF would lane the Bitwise Bitcoin Total Return Index, which takes the value of Bitcoin and any suggestive hard forks into account.
Moreover, what’s singular about Bitwise’s Bitcoin ETF is the association wants their criticism to be supported with mark prices from exchanges and physically staid futures contracts. This is different from any other Bitcoin ETF that was due before, as prior ETFs were upheld with cash-settled contracts.
“While there can be no declaration that the 19b-4 focus will be postulated or the SEC will examination and eventually accelerate the registration statement, we are confident that 2019 should be the year that a bitcoin ETF launches.”
Also, Hyland believes that the crypto trade ecosystem has developed significantly over the past year, and he stated:
“Having a regulated bank or trust association reason earthy resources of a criticism has been the customary underneath U.S. criticism law for the last 80 years, and we trust that is now probable with bitcoin.”
Bitwise Asset Management Background
The Bitwise Bitcoin ETF has generated quite a lot of hype with the newfound ETF tender that gets the gratefulness from physically staid Bitcoin futures contracts, something that has never been due before. But does this crypto startup merit the hype? What’s their credentials and reputation?
Bitwise was only recently founded in 2017 and is formed out of San Francisco. The firm’s group is made up of professionals with decades of asset government experience.
Some of the firm’s members come from backgrounds such as Facebook, Wealthfront, BlackRock, NYLife Investments, IndexIQ, US Commodity Funds, Goldman Sachs, JPMorgan, and ETF.com.
As well, the firm is backed by experienced investors, executives, and companies including PayPal, BlackRock, Square, Coinbase, Stripe, Western Asset, Royal Bank of Scotland, Chain, Twitter, Palantir, and McKinsey.
According to the Bitwise website:
“Bitwise Asset Management pioneered the first cryptocurrency index criticism and is the heading provider of rules-based bearing to the crypto item space.”
In total, the digital item government organisation facilities 4 best-in-class crypto indexes: Bitwise 10 Large Cap, Bitwise 20 Mid Cap, Bitwise 70 Small Cap, and Bitwise 100 Total Market. Each index is meticulously designed to follow a clear-set order bottom that takes several factors into account.
All in all, while Bitwise is a new crypto startup, they seem to be doing very well for themselves and are well on their way to apropos a big name in the cryptocurrency space, generally if their new Bitcoin ETF gets approved.
What do you think of Bitwise’s singular Bitcoin ETF proposal? Will this be the first ETF to get authorized in 2019? Let us know what you think in the criticism territory below.