• Bitwise Asset Management has filed for a physically-backed bitcoin ETF with NYSE Arca, according to a new filing with the SEC.
  • The exchange-traded fund would trade spot bitcoin instead of BTC futures, as most filings have recently sought to do.
  • “The market has matured,” Bitwise chief investment officer Matt Hougan said on a Twitter thread, explaining the company’s rationale for the filing.

While many companies have been following the Federal Reserve’s chairman Jerome Powell’s latest remarks and filing for exchange-traded funds (ETFs) for bitcoin futures, Bitwise took a different route. The asset manager’s CIO, Matt Hougan, shared on Twitter why his company chose to seek the approval of an actual bitcoin ETF instead of one based on futures.

“There’s already a separate BTC futures-based Bitwise ETF filing. But actual BTC is better,” Hougan wrote. “And we believe it’s finally possible.”

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