Bitwise Expands Its Crypto ETF Ambitions by Targeting Bitcoin-Treasury Fund
- Susan SarandonOriginal
- 2024-10-05 16:32:14309browse
Bitwise has intensified its crypto ETF expansion with a new filing targeting a Bitcoin-Treasury ETF, following its recent application for an XRP-based fund with the U.S. Securities and Exchange Commission (SEC).
Crypto ETF provider Bitwise has filed for a Bitcoin-Treasury ETF with the U.S. Securities and Exchange Commission (SEC), following its recent application for an XRP-based fund.
This latest filing, reported by Bloomberg's James Seyffart, would see the ETF trade under the ticker BITC, employing a rotation strategy between Bitcoin and U.S. Treasuries — two prominent financial assets. The amended documents also rebrand Bitwise's offering to the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF, marking the asset manager's third ETF filing this week.
Moreover, Bitwise registered a Delaware Trust on October 1 to facilitate the potential listing of an XRP ETF, expanding its suite of digital asset products. The company followed up this move the next day by officially filing a Form S-1 with the SEC for the endeavor. Both the Form S-1 and a corresponding 19b-4 must be approved by the SEC for these ETFs to begin trading on national exchanges, clearing the regulatory hurdles to their launch.
These filings come as Q4 begins, a period that has historically been strong for digital assets. Analysts from CryptoQuant and QCP Capital have noted sustained institutional demand for Bitcoin, Ethereum and other altcoins, despite recent market challenges and geopolitical tensions. Since their launch in January, U.S. spot Bitcoin ETFs now hold nearly 5% of Bitcoin's 21 million token supply — roughly $58 billion — highlighting the strong investor interest in thisnascent asset class.
In contrast, spot Ethereum ETFs have seen a slower uptake. SoSoValue reports that the spot ETH ETF market holds $6.4 billion in assets, about 10% of spot Bitcoin ETF assets. Bitwise CIO Matt Hougan has stated that ETH ETFs are expected to surprise the market in the coming year, even as some market observers have called the early launch of these funds a "bold" move.
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