of a Grayscale Investments application to convert its over-the-counter Grayscale Bitcoin Trust into a listed BTC ETF.
Bitwise chief investment officer Matt Hougan explained in a thread on X that, should the SEC appeal the Grayscale ruling, “we return to the status quo.” In that case, he“We're back to needing to prove that the CME bitcoin futures market leads price discovery over the spot market such that it can serve as a ‘regulated market of significant size’ for the purpose of surveillance.”
The Chicago-based CME Group operates derivatives exchanges including a BTC futures and options market. In its amended application, Bitwise engaged with what the SEC called “the ‘mixed’ or ‘inconclusive’ academic record” on the lead-lag relationship between BTC futures and spot markets. After looking at academic works cited in 11 previous SEC disapproval orders for spot BTC exchange-traded products, Bitwise1/ NEW: Bitwise Spot Bitcoin ETF Update
NYSE today filed an amended application to list the Bitwise Bitcoin ETF Trust, complete with 40+ pages of new research from Bitwise.Here’s why it matters —
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