Bitwise has spun another crypto ETF filing after bidding for an XRP fund with the U.S. Securities and Exchange Commission.
Bitwise furthered an exchange-fund trading filing spree with a new fund application targeting Bitcoin (BTC) and U.S. Treasuries. According to Bloomberg’s James Seyffart, the product with ticker BITC would pivot capital between the leading cryptocurrency and America’s premiere short-term debt obligation.
After initially filing for the fund last December, Bitwise submitted amended documents renaming its latest crypto investment vehicle to the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF. It’s the third ETF filing from the crypto index fund manager this week. On Oct. 1, the capital advisor hopes to broaden its digital asset product suite by registering a Delaware Trust for a potential (XRP) ETF.
Bitwise continued this process with official Form S-1 paperwork filed with the U.S. SEC on Oct. 2, confirming a registration of securities bid at the Wall Street regulator.
We have @BitwiseInvest out with another ETF filing. Will be a treasury and bitcoin rotation strategy. Ticker will be $BITC. pic.twitter.com/4Dmd29lGTl
— James Seyffart (@JSeyff) October 4, 2024
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The SEC would need to approve both Form S-1 documents and 19b-4 Forms before a Bitwise XRP ETF, or any crypto ETF, can list and trade on national exchanges.
The flurry of crypto fund filings arrived in early Q4, a historically bullish period for cryptocurrencies and other assets. CryptoQuant and QCP Capital analysts have both pointed to a growing institutional appetite for Bitcoin and altcoins like Ethereum (ETH) and Solana (SOL) despite the war in the Middle East and recent institutional outflows.
Spot Bitcoin ETFs have been particularly successful since launching in January. Glassnode noted that U.S. spot BTC ETFs hold nearly 5% of Bitcoin’s 21 million token supply.
US Spot ETFs hold 4.6% of #Bitcoin supply, valued at $58B. Recent balance growth includes Grayscale's Bitcoin Mini Trust holdings, highlighting the strong institutional demand for regulated BTC exposure. pic.twitter.com/6WTxIkVtHk
— glassnode (@glassnode) October 4, 2024
In other words, investors have parked over $58 billion in capital in spot Bitcoin funds. Experts believe this trend will continue and accelerate as the year advanced deeper into its fourth quarter.
Conversely, spot Ethereum ETFs have struggled compared to the sprint displayed by Bitcoin products. The spot ETH ETF complex held $6.4 billion in assets per SoSoValue, a little more than 10% of spot BTC ETF assets. Bitwise CIO Matt Hougan said ETH ETF would surprise observers in a year, although he conceded that Ethereum funds may have launched too early.
Read more: Bitwise CIO: Ethereum ETFs came too early
