TL;DR Breakdown: Bitwise has submitted another Bitcoin ETF proposal to the United States SEC.The funds seek to invest in Bitcoin futures contracts instead of the actual cryptocurrency. Crypto index fund manager Bitwise has become the latest company seeking a Bitcoin (BTC) backed exchange-traded fund (ETF) in the United States. Unlike other Bitcoin ETF applications that seek to invest in the actual cryptocurrency, the “Bitwise Bitcoin Strategy ETF” will be backed through futures contracts, according to the document. Another Bitcoin ETF application is the US Bitwise reportedly filed for the Bitcoin exchange-traded fund on Tuesday with the United States Securities and Exchange Commission (SEC). The funds seek to provide a long-term capital appreciation for investors by harnessing “futures contracts that provide exposure to movements in the value of bitcoin.” Bitwise emphasized in the document that the Bitcoin ETF won’t directly invest in the cryptocurrency, as with other recent pending applications. However, it will “obtain exposure to Bitcoin primarily through indirect investments in standardized, cash-settled Bitcoin futures contracts traded on commodity exchanges registered with the CFTC.” In addition to the Bitcoin futures contracts, the Bitcoin ETF might also invest in Canadian-listed funds that provide exposure to Bitcoin and pooled investment vehicles. It may also hold cash, U.S. government securities, and mon...