BlackRock, then Bitwise — How the spot bitcoin ETF filings differ
One day after BlackRock made a splash last week by putting forward a plan to launch a spot bitcoin ETF, crypto-focused asset manager Bitwise re-upped its own similar bid. The filings are the latest of their kind in a decade-long saga as the SEC has never allowed a spot bitcoin ETF to hit the US market — despite efforts from the Winklevoss twins, Fidelity and a slew of other would-be issuers. But the latest proposed products by BlackRock and Bitwise are a bit different from one another. Bitwise filed for a spot bitcoin ETF in October 2021 — a proposal ultimately rejected by the SEC in June 2022. The Friday filing by NYSE Arca — the would-be listing exchange for the Bitwise product — added more legal Analysis around the surveillance of bitcoin via the Chicago Mercantile Exchange (CME) futures markets, according to Bryan Armour, director of passive strategies research at Morningstar. “The timing of the filing seems likely to jump in the queue behind BlackRock should the SEC app...