Bitwise’s Matt Hougan says that while the asset manager’s application to offer the first US spot Bitcoin ETF is up for consideration this week, it may be better for the SEC to approve all the pending proposals at once.
“If you look back at the history of the SEC’s treatment of ETFs, you can see examples of each, and so we have no idea what their plans are,” Hougan, the firm’s chief investment officer, said on Bloomberg Television, about how the race might play out. “I will say on behalf of investors, the best outcome is likely to line up multiple ETFs and allow them to launch at once.”
A number of issuers currently have applications out for spot-Bitcoin ETFs, and a win by Grayscale Investments LLC against the Securities and Exchange Commission earlier this week in its fight to convert its Bitcoin trust to an exchange-traded fund is spurring optimism that one could soon launch in the US.
Bitwise’s application must be addressed by the end of Friday. The SEC can delay, deny or approve applications. Most analysts expect the agency to once again delay on making a decision — on Bitwise’s application, as well as on a few others — before ultimately coming to a conclusion on whether to allow a physically backed Bitcoin ETF for US investors. ETFs that hold Bitcoin futures were approved in 2021.
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