Spot Bitcoin ETF Applicant Bitwise Reveals New Bitcoin ETF Commercial

It has been just revealed the fact that the spot Bitcoin ETF applicant Bitwise has unveiled a new Bitcoin ETF commercial. You can watch it below.

Here’s the commercial revealed via X social media platform:

JUST IN: Spot #Bitcoin ETF applicant Bitwise releases new Bitcoin ETF commercial

pic.twitter.com/12HkOBirV1

— Bitcoin Magazine (@BitcoinMagazine) December 18, 2023

While educating the world on Bitcoin, they’re also advertising themselves. Nice touch, we have to admit.

While the commercial aims to familiarize a wider audience with the concept of a spot #Bitcoin ETF, it is also helping garner support for their application.@nikcantmine with more:https://t.co/1UTeWZjUax

— Bitcoin Magazine (@BitcoinMagazine) December 18, 2023

BlackRock has recently proposed a bitcoin ETF that will be traded on the stock exchange. The ticker for this ETF is IBIT.

On Monday, an amended S-1 filing was submitted to the Securities and Exchange Commission (SEC), which included new language about the creation and redemption mechanism of the fund. This mechanism has been a topic of discussion between BlackRock and SEC officials.

The updated filing indicates that the fund may use a cash redemption model, which is preferred by the SEC. However, the fund may also use an “in-kind” process, subject to regulatory approval.

“The Trust issues and redeems Baskets on a continuous basis,” according to the filing. “These transactions will take place in exchange for cash. Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin.”

“BlackRock has gone cash only,” Bloomberg Intelligence analyst Eric Balchunas wrote on X. “That’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign.”

The whole crypto space awaits for the approval of a spot BTC ETF, which will presumably take place ahead of the Bitcoin halving.