Bitwise Asset Management has cooperated with NYSE Arca to file for a physically-backed Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC), according to Bitwise Chief Investment Officer Matt Hougan.

Hougan shared a 250-page document and stated that Bitcoin already has a regulated market--CME Group (CME). Compared with BTC, Binance, Huobi, BitMEX and even FTX, CME is the main source of the Bitcoin market price feed now, so it is time to approve physical-supported BTC ETFs.

It is not clear whether the SEC will approve Bitcoin or Bitcoin futures ETFs. So far, the agency has rejected at least 12 crypto ETF applications it has received.

By Mary Liu