SEC pre-agrees to the emission of ETF Bitweise, which will be based on BTC and ETH simultaneously. The commission led by the new Commissioner approved the first of the two prints that are needed to launch ETFs.
Sec says “yes”
The American Commission of Securities and Stock Exchange (SEC) has just issued a preliminary consent to the establishment of the BitWise Asset Management Fund that tracks the price of two cryptocurrencies at the same time: Bitcoin and Ether. For now, officials have approved form 19b-4, which is the first step in the process of emerging ETF, which will allow investment in the BTC and ETH portfolio. To finish the entire official path, BitWise still needs a sec stamp on the S-1 form. However, this seems only a formality (ETF approval of ETFs looked like the same-first “19b-4 prints”, and only after a few weeks S-1).
It is worth adding that the ETF portfolio is to mostly consist of BTC (83%), and in the minority with ETH (17%). If the fund is launched, it will be the third such product – after ETFs Hashdex and Franklin Templeton.
All this takes place less than two weeks after appointing a friendly cryptocurrency of Marek T. Uyedy to the new head of SEC. BitWise, moreover, submitted documents regarding the joint ETF BTC and ETH in November, shortly after the election victory of Donald Trump.
What else do we know about the fund? He will be managed by Bitise Investment Advisers, Coinbase will be the depositar, and Bank of New York Mellon will be the depositarian of cash, administrator and transfer agent.
Changes on the ETF market
At the beginning of this week, the Bloomberg analyst James Seyffart reported that ETF issuers “test the limits of what SEC will allow.” The point is that they are trying to create the Dogecoin Fund, and add staking option to ETFs ETH.
Analyst Bloomberg Intelligence Nathan Dean pointed to something else: that the issuers “study the boundaries of SEC, by submitting unique documents, including Memecoin ETFs.” It cannot be ruled out that if the Doge Fund is created, they also try to create ETFs of other Memecoins, e.g. Shib.
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