Bitwise joins long line of Bitcoin-ETF applicants in the U.S.

More than 18 applications for bitcoin-based exchange-traded funds or ETFs have been filed with the Securities and Exchange Commission (SEC). None have been approved yet.

Well, this doesn’t seem to deter more companies from continuing to file applications. Bitwise Index Services, a division of the investment management firm is currently trending within the community. It recently filed a bitcoin ETF application with the U.S. SEC.

As per the filing, the Bitwise Bitcoin Strategy ETF “seeks to provide long-term capital appreciation” through futures contracts. The said fund would not directly invest in Bitcoin. Investors would gain exposure to the leading cryptocurrency through indirect investments in standardized, cash-settled BTC futures contracts, traded on commodity exchanges that are approved by the Commodity Futures Trading Commission (CFTC).

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

Having said that, the SEC has not approved any Bitcoin ETF in the United States. Despite, the fact that SEC chair Gary Gensler showed some interest in approving a Bitcoin futures ETF rather than a spot ETF, citing risks associated with the market.

Needless to say, different companies have already started to look for alternatives in “friendlier” countries. For instance, digital assets manager Ark Invest’s ARK Next Generation Internet ETF is considering investing in Candian Bitcoin ETFs. This certainly wasn’t a sudden decision. Its application has been under approval review for a few months now.

Well, looks like this could be a long wait. But how long? No one seems certain of it. Not even the regulatory watchdogs irrespective of all the speculations and criticism against it. Another instance of an applicant company filing for Bitcoin ETF is Fidelity Investments. According to Bloomberg, the firm pushed for a Bitcoin ETF approval in a private meeting with the SEC.