© Reuters.
NEW YORK – Bitwise Asset Management has taken an important step toward creating a Bitcoin exchange-traded fund (ETF), submitting a registration statement to the United States Securities and Exchange Commission (SEC). The statement, which was made public on Monday, details a commitment from an anonymous investor to invest $200 million in the ETF offered on the .
This substantial investment commitment is a notable demonstration of confidence in financial products backed by cryptocurrencies, especially when compared to the $10 million commitment from investment giant BlackRock (NYSE:).
The SEC has historically been cautious about approving cryptocurrency ETFs, citing concerns about potential market manipulation and liquidity.
Bitwise’s proposal for a bitcoin spot market ETF comes at a time when retail and institutional investor interest in cryptocurrencies continues to grow, despite the volatile nature of digital assets. If approved, the ETF would provide investors with exposure to bitcoin without having to directly purchase and store the digital currency.
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