The U.S. Securities and Exchange Commission has formally acknowledged the spot bitcoin ETF application from San Francisco’s Bitwise Asset Management, underscoring the escalating institutional engagement in cryptocurrency investments.

The U.S. SEC has given official recognition to Bitwise Asset Management’s spot bitcoin ETF proposal. The tech-forward asset management firm from San Francisco initially lodged its bitcoin ETF application back in October 2021 but has since revised and resubmitted the proposal on June 28 of this year.

According to the SEC document, the proposed change pertains to the “listing and trading of shares for the Bitwise Bitcoin ETP Trust” as per New York Stock Exchange ARCA Rule 8.201-E, which covers commodity-based trust shares.

Bitwise’s recent filing adds to the growing number of institutional applications for spot bitcoin ETFs, a trend invigorated by BlackRock’s application submitted on June 15.

Bitwise’s chief investment officer, Matthew Hougan, highlighted the significance of BlackRock’s market presence in a conversation with CoinDesk on July 10.

“BlackRock, being the largest ETF issuer globally, operates with considerable influence and attention to detail,” said Hougan. “There’s no denying that their move towards a bitcoin ETF sends a potent message,” he admitted.

Hougan remained reserved about specific surveillance-sharing arrangements linked to Bitwise’s ETF proposal. He emphasized, however, that the success of any spot bitcoin ETF application hinges on a variety of analytical factors.

“This includes in-depth analysis of the CME market, and though surveillance-sharing agreements may be a compelling consideration, Bitwise is likely to adopt a comprehensive approach,” Hougan explained.