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Crypto Asset Manager Refiles Bitcoin Futures ETF

Crypto Asset Manager Refiles Bitcoin Futures ETF

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  • Bitwise has submitted a new application to launch a Bitcoin futures ETF.
  • Its proposed fund would trade Bitcoin futures contracts exclusively through a wholly owned subsidiary in the Cayman Islands.
  • ProShares introduced the first Bitcoin futures ETF in the US last October.

Bitwise, a leading cryptocurrency asset manager, has resubmitted paperwork to start trading Bitcoin futures exchange-traded fund (ETF). According to the Securities and Exchange Commission (SEC), the proposed fund would only enter into Bitcoin futures contracts through a wholly owned subsidiary in the Cayman Islands. filing November 23rd.

Due to the high price and complexity of the proposed product, Bitwise withdrew its application already in November 2021. The first proposal was made in September last year.

Bitcoin Futures ETF Applications

Many in the cryptocurrency industry consider October 19 to be the turning point, when ProShares introduced the first Bitcoin futures exchange-traded fund in the United States.

On its first day of trading, its volume exceeded $500 million, making it the second most actively traded fund in history.

Not long after, Valkyrie introduced a similar product, making it the second crypto-exchange fund to be approved by the Securities and Exchange Commission.

ETFs that track the price of Bitcoin futures offer investors exposure to fluctuations in the value of Bitcoin without having to purchase Bitcoin. The introduction of bitcoin ETFs and bitcoin futures ETFs can help accelerate both the growth of bitcoin and the profits of the entire cryptocurrency industry, since the positions of many other digital currencies are closely correlated with the position of the original cryptocurrency.

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