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How are the Spot Bitcoin ETFs filed by BlackRock and Bitwise different?
By Ben Strack, Blockworks
Compiled by: Felix, PANews
A day after BlackRock caused a stir last week with its plans to launch a spot bitcoin ETF, cryptocurrency-focused asset manager Bitwise resubmitted a new application asking for rule changes to accommodate its planned bitcoin spot ETF .
Despite the efforts of the Winklevoss twins, Fidelity and many other potential applicants, the SEC has never allowed a bitcoin spot ETF to enter the U.S. market. BlackRock and Bitwise, which have recently filed spot bitcoin ETF applications, both Products are slightly different from each other.
Bitwise
It is reported that Bitwise applied for a spot bitcoin ETF in October 2021, but the proposal was finally rejected by the US Securities and Exchange Commission (SEC) in June 2022. Bryan Armour, director of passive strategy research at Morningstar, said the June 16 filing by NYSE Arca, the potential listing exchange for Bitwise products, added more information on trading bitcoin through the Chicago Mercantile Exchange (CME) futures market. Legal Analysis of Surveillance.
Bryan Armour said: "If the SEC really wants to approve the first spot bitcoin ETF, then Bitwise may be behind BlackRock in filing the application."
In April, Bitwise chief investment officer Matt Hougan said that while a spot bitcoin ETF would be "fantastic" for investors in the long run, Bitwise may wait until there is more regulatory clarity before launching another ETF. A Bitwise spokesperson confirmed the company’s reapplication on Tuesday but declined to comment.
Sumit Roy, senior analyst at ETF.com, said Bitwise's move "is clearly a direct response to BlackRock's filing for a spot bitcoin ETF."
BLACKRock
There is a view that BlackRock’s spot bitcoin ETF is more likely to be approved, because in order to mitigate market manipulation, BlackRock will introduce Nasdaq (NDAQ) to sign a regulatory sharing agreement with the operator of the bitcoin spot trading platform. (Surveillance-sharing) protocol. Custody-sharing agreements allow for the sharing of information about market trading activity, clearing activity, and customer identities, resulting in little chance of market manipulation.
Additionally, according to filings with Nasdaq (a potential exchange for BlackRock’s products) and NYSE (a potential exchange for Bitwise’s products), both mention SEC approval of Teucrium’s bitcoin futures fund. In the approval document, it was stated that CME Group "comprehensively monitors futures market conditions and price trends in real time and continuously to detect and prevent price distortions, including price distortions caused by manipulation."
As far as BlackRock is concerned, Nasdaq is willing to enter into an oversight sharing agreement with “a U.S. operator of a bitcoin spot trading platform.” This will complement Teucrium's oversight sharing agreement with CME.
But whether it will be enough to pass BlackRock's spot bitcoin ETF is also skeptical.
Sumit Roy, senior analyst at ETF.com, said BlackRock's application named the custodian as cryptocurrency trading platform Coinbase, which is being sued by the SEC for operating as an unregistered exchange. However, since BlackRock listed Coinbase as the custodian, BlackRock is expected to have insider information and resolve the lawsuit against Coinbase. Coupled with the imminent judgment of Grayscale suing the SEC, things will become quite complicated.
** Rush to Apply **
GBTC has rallied 30 percent over the past five trading sessions and is up about 14 percent on the day after BlackRock and Bitwise filed.
Industry watchers said they expect more institutions to re-enter the spot bitcoin ETF race. While the market has been eyeing Fidelity — another traditional institutional giant that has previously sought to launch a spot bitcoin ETF — the fund giant has yet to reapply for such a fund. A Fidelity spokesman declined to comment.
But these two were not the ones who reapplied.
In April, Ark Invest and 21Shares reapplied for their spot bitcoin ETF. On June 21, asset management companies Wisdomtree and Invesco (Invesco) successively resubmitted applications for spot bitcoin ETFs. Bloomberg analysts said last week that other institutions that have previously applied for bitcoin spot ETFs, such as VanEck, Valkyrie, and Global X, may also reapply.
In this regard, Bryan Armour said that as applicants take a new approach or see the increasing possibility of SEC approval, and becoming one of the first ETFs on the market is crucial, there will often be a large number of applications.
Related Reading: Can BlackRock Bitcoin Spot ETF Get Approved?