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Bitwise Asset Management, the leading provider of cryptoasset index and beta funds, issued the following comment today regarding the Security and Exchange Commission’s “Order Disapproving a Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of Shares of the Bitwise Bitcoin ETF Trust Under NYSE Arca Rule 8.201-E.”

The comment is attributable to Matt Hougan, Global Head of Research, Bitwise Asset Management.

Earlier today, the SEC issued a 112-page order disapproving NYSE Arca’s proposed rule change to list and trade shares of the Bitwise Bitcoin ETF Trust.

We deeply appreciate the SEC’s careful review. The detailed feedback they have provided in the Order provides critical context and a clear pathway for ETF applicants to continue moving forward on efforts to list a bitcoin ETF.

We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate.

Historically, the approval of novel exchange-traded products that open up new asset classes has required multiple years of regulatory engagement. What matters is continued progress and the investment of time from regulators, and that’s what we see here.

As background: Since the initial filing of our S-1 for the Bitwise Bitcoin ETF Trust on January 9, 2019, we have engaged in a deep analysis of and response to the critical questions the SEC has raised regarding our application, NYSE Arca’s proposed rule change and the nature of the bitcoin market in general. This has included:

In addition, the bitcoin market itself has evolved in important and positive ways in recent years. This important progress includes:

While we were not able to satisfy the SEC’s concerns inside the statutory 240-day review window afforded these filings, and while they have identified the need for additional data and context to interpret our key findings, we are pleased with the progress that the industry has made and believe that, with additional research and continued progress in the broader ecosystem, the remaining concerns and challenges raised in this order will ultimately be satisfied.


SOURCE Bitwise Asset Management

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