Bitwise is the latest in a long line of Bitcoin-ETF applications in the United States.

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The Securities and Exchange Commission has received more than 18 applications for bitcoin-based exchange-traded funds, or ETFs (SEC). None have yet been authorised.

This, however, does not appear to be deterring other corporations from filing applications. The community is currently buzzing about Bitwise Index Services, a part of the investment management organisation. It just submitted a bitcoin ETF application with the US Securities and Exchange Commission.

The Bitwise Bitcoin Strategy ETF, according to the filing, “seeks to provide long-term capital appreciation” through futures contracts. The fund would not invest directly in Bitcoin. Investors would acquire exposure to the main cryptocurrency through indirect investments in standardised, cash-settled BTC futures contracts traded on Commodity Futures Trading Commission-approved commodity exchanges (CFTC).

It may also invest in pooled investment vehicles and Canadian-listed funds that provide exposure to bitcoin, in addition to cash-settled futures contracts.

Having said that, no Bitcoin ETFs have been approved by the SEC in the United States. Despite the fact that SEC chair Gary Gensler expressed interest in allowing a Bitcoin futures ETF rather than a spot ETF, citing market risks.

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Needless to say, various businesses have already begun to explore for alternatives in “friendlier” countries. For example, Ark Invest’s ARK Next Generation Internet ETF is considering investing in Canadian Bitcoin ETFs. This was not a spur-of-the-moment decision. Its application has been under evaluation for several months.

So, it appears that we may be in for a long wait. But for how long? Nobody appears to be certain. Regardless of the assumptions and criticisms, not even the regulatory watchdogs are on board. Fidelity Investments is another applicant company that has filed for a Bitcoin ETF. According to Bloomberg, the business lobbied the SEC for the establishment of a Bitcoin ETF in a private meeting.

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