State of the Bitcoin ETF Race
Crypto ETF approval would indicate institutional acceptance for Bitcoin. But the SEC Has Rejected Every Bitcoin ETF, and it doesn’t look like one of the ETFs will be approved anytime soon.
The most recent news was that Bitwise Asset Management has withdrawn its application for bitcoin ETF on 16 Jan 2020 and want to refill it later.
There’s only one application pending at this time. Wilshire Phoenix, a financial firm in New York, filed to launch the United States Bitcoin & Treasury Investment Trust ETF in May.
They think their application is different from the others. And that’s what they say:
“Our proposed bitcoin-related ETF is quite different from those that have previously been submitted to the Commission for approval,” Wilshire Phoenix founder and managing partner William Herrmann said in a phone interview. “To name just a few distinctions, the composition of the Trust is very different. Our Trust is a multi-asset trust (bitcoin and T-Bills), as opposed to just bitcoin.”