$BTC SEC This lightning response is by no means a coincidence:

​Policy Favor​: The Trump administration's pro-crypto stance is clear, and the new SEC chair has stated the intention to “say goodbye to the ostrich policy,” acknowledging for the first time in May that “most tokens are not securities.”

Competitive Pressure​:

Grayscale, Fidelity, and six other institutions are watching closely.

If Bitwise secures physical redemptions first, it will uniquely enjoy a trillion-dollar institutional funding pool.

​Historical Script Repeats​:

Before the approval of the Bitcoin spot ETF in January 2024, BlackRock made a comeback with a physical redemption plan.

This time, Bitwise is replicating the master move, with the SEC review period compressed from 240 days to 45 days!