Bitwise Asset Management and NYSE Arca confirm they will refile their application for a Bitcoin exchange-traded fund after the United States regulators rejected it.
Bitwise Asset Management and NYSE Arca have confirmed they will refile their application for a Bitcoin (BTC) exchange-traded fund (ETF) after the United States regulators rejected it.
Bitwise: We intend to refile
According to a press release published on Oct. 9, the companies said that while the U.S. Securities and Exchange Commission (SEC) refused their ETF application, they were buoyant about the progress.
The verdict on Bitwise’s ETF proposal had seen multiple delays prior to this week’s final decision, which the SEC had no choice but to make, according to statutory rules. The press release states:
“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.”
Officials “pleased with progress” from SEC
Bitcoin markets remained steady as news of the latest rejection arrived. Previously, Bitwise in particular appeared confident that a positive outcome could still occur.
“We’re closer than we’ve ever been before to getting a Bitcoin ETF approved,” CEO Matt Hougan told mainstream media on Oct. 7.
Nevertheless, more than a year-long dialogue with regulators has not been for nothing, says the company, concluding:
“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.”
In September, another ETF proposal, this time from VanEck and SolidX, was withdrawn by its sponsors. The SEC delayed its judgement on a third offer from Wilshire Phoenix around the same time.