Bitwise Implements SEC’s Crypto ETF Rule Change, Signaling Potential Structural Improvements for Bitcoin Funds
Main Idea
The SEC's rule change allows crypto ETFs to exchange Bitcoin and Ether directly, improving operational efficiency without affecting retail investors, with Bitwise leading the adoption of this new structure.
Key Points
1. The SEC's new rule permits crypto ETFs to perform in-kind creations and redemptions, enhancing cost efficiency and operational streamlining.
2. Retail investors' interaction with crypto ETFs remains unchanged despite the operational benefits, as the update is a backend improvement.
3. Bitwise Asset Management is a leading adopter of the new structure, aligning crypto ETFs with traditional financial products.
4. US Bitcoin ETFs collectively hold 1,299,401 BTC, representing 6.18% of the total Bitcoin supply, with iShares Bitcoin Trust being the largest holder.
5. The rule change does not allow retail investors to directly exchange ETF shares for Bitcoin or Ether, maintaining the current investor experience.
Description
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