'Closer Than Ever' to Bitcoin ETF, Says Bitwise Ahead of SEC Deadline

Executives at Bitwise Asset Management are highly optimistic as the deadline for the United States Securities and Exchange Commission's decision on their proposed Bitcoin exchange-traded fund looms on the horizon.

"We're closer than we've ever been before to getting a Bitcoin ETF approved."

As Cointelegraph reported, Bitwise filed its latest application for a physically held Bitcoin ETF with the SEC in January.

In August, the regulator postponed its decision on the proposal - together with two other crypto ETF applications - until Oct. 13.

"Two years ago, there were no regulated, insured custodians in the Bitcoin market. Today, ... there are big names like Fidelity and CoinBase [with] hundreds of millions of dollars of insurance from firms like Lloyd's of London."

Foremost, he argued, today's market sees over $200 million in volume, with regulated Bitcoin futures traded every day - again, a stark change from a formerly "One-sided, inefficient market," according to Hougan.

The involvement of major market makers such as Jane Street Capital and Susquehanna has transformed Bitcoin into one of the "Most efficient institutional markets in the world," he added.

Benefits of a Bitcoin ETF. Hougan argued that ETF approval would herald a major opportunity for everyday investors to access the Bitcoin space securely.

"While big institutions have safe, secure ways to buy Bitcoin in private funds that are available only to the ultra-high-net-worth people, regular investors don't have a safe way."

An ETF would enable financial advisors to bring Bitcoin to their clients easily "Instead of them going rogue," Hougan added.