$BTC The Life-and-Death Race Behind the Amendment

The SEC's lightning response this time is by no means a coincidence:

Policy Tailwind: The Trump administration's pro-crypto stance is clear, and the new SEC chairman has stated that they want to "say goodbye to ostrich policies". In May, they acknowledged for the first time that "most tokens are not securities".

Competitive Pressure:

Seven institutions, including Grayscale and Fidelity, are eyeing the opportunity.

If Bitwise secures the first physical redemption, it will have exclusive access to a trillion-level institutional capital pool.

Historical Script Repeats:

Before the approval of the Bitcoin spot ETF in January 2024, BlackRock used a physical redemption plan to make a comeback and claim victory.