a member of the -- and we have a member of the advisory board at bitwise.ith seen the huge tumble and a bit of a spike today. what is going on? checked, thet i large caps are up 10%, and mid-caps are up more. it's interesting to see how the mid-caps move. i think prior to this week, we saw a drawdown and that was an overreaction to the procedural extension of the egf of filing. today, the market is rebounding. i think investors and traders think the market went too far. emily: investors still don't seem comfortable with these etf's and continue to enjoy -- to reject them. the sec is running out of reasons to approve some of these things -- disapprove some of these things. some of the biggest exchanges like gemini and coinbase have set up share-based things that appease the sec. i think they're running out of reasons and i don't think volatility is the core. at the end of the day, all early stage tech is volatile. afterwas $120 billion of hours trading wiped out alone. if going to zero dollars today, it would be smaller losses than what facebook at. emily: h

we also have spencer bogart, and a member of the advisory board at bitwise.e've seen a huge tombol umble. a spike today. >> last i checked, the large caps are a. interesting with the mid-cap index to see how the mid-caps move, which is -- so, i think prior to this week, we saw a huge draw down. i think that was an overreaction to the sort of procedural extension of the etf filing and the rejection of the winkle boss voss filing. emily: the sec does not seem comfortable with these etf's. what is your short and long-term outlook? goes,e, as far as the sec they are running out of reasons to disapprove some of these things. some of the underlying surveillance of these crypto spot markets is going away because some of the biggest exchanges like germany hav-- ve set up sharing. i don't volatility is the core of it. when facebook reported earnings, a few weeks ago, there was $120 billion erasing after-hours trading lower. all of bitcoin today is only worth $113 billion. if i went to zero losses, it would be smaller losses and facebook -- emily: a lot of people would

why does bitwise believe it has a stronger case? the c.e.o. is here with me now.hy do you think you have a better shot? >> thanks. so the news from us is that we just filed the first ever s-1 prospectus. for the first crypto currency on e.t.f. the distinction is since 2013 people have been filing for e.t.f.'s that would just track bit coin and provide investors with bit coin and we filed for an index product so a basket of 10 coins. we've been managing a private version of the funds open to investors today since last year. in our experience managing that product our feeling is that the issues you have to get comfortable with to approve an e.t.f., a listed vehicle, custody, trading, taxes, how you value the assets these arl things we've been dealing with since launching our private vehicle last year. we think you can effectively operate a public vehicle. >> i have a chart here showing the price of bit coin compared to the other top coins here to date year to date we know there has been a slide. do you think if something like this was approved it would help the pric

you mentioned bitwise. proshares is offering up proposals.ldn't be surprised the sec has delayed this one, because they recently delayed five etf proposals coming from a company. there are plenty out there. momentum has been building at the sec level in itself. one of the commissioners has actually started to vote against these decisions to push back on etf's. earlier in july, we had the winklevoss twins, had theirs pushed back. but it was a split ruling. i think at some point there will be the institutional comfort that these -- it will be a more liquid way of being able to trade these. notably, that's why we are getting such momentum built into the share price, where these decisions get close, because things -- when gold got in exchange traded fund, we saw gold quintuple in terms of its price point. when you start to see a market built upon, exchange traded funds built upon underlying assets, it makes it so much easier to get into the space. you don't have to set up a bitcoin wallet. you can get into the asset class, and it would drive pric

we webt went out and looked for a world class provider of a solution in crypto and partnered with bitwise was it the custodian issue that kept you on the sidelines you have been at this for some time but not in the crypt of assets specifically. >> really important point. thanks for bringing that up. we started wherewe felt secure where we with o could own the equity of businesses we went in in to see how custody, which is the issue the people are focused on today would have evolve. we think there are institutional quality custody solutions out there and being developed by firms like coin base and northern trust and others. we are excited about the direction. we think we are early. and we really want to be the trusted adviser to institutions in the crypto world. >> to be expected, i mean the portfolio if we can show what the allocation is about 69% bitcoin. 15% ethereum 5.5% bitcoin cash. of note you have excluded xrp and excluded stellar and that's for specific reasons. you don't want to own premined coins. you don't want premined coins in which a big proportion of the coins are owned by

why does bitwise think it has a case? the ceo is here now. why do you think you have a shot?> thank you. we first filed the first-ever s-1. the first cryptocurrency etf. since 2013, people have been filing for etf's that would just check the coins, provide investors with exposure to the coin, and we filed an index product with a basket of 10 going. s. coin managing theences product, our feeling is the issues you have to get comfortable with to approve an etf cuts the training -- trading, texas, how you value the assets. we think you can effectively operate a public vehicle. emily: and the chart showing the price of bitcoin compared to the other top coins today, obviously we know there has been a slight. do you think that something with be approved, it would help the price? >> one of the ways to think about prices in crypto is simple supply demand. it's a listed vehicle were approved, you can imagine that a number of investors through 401(k)s or brokerage accounts, institutional's investors who don't want to work with crypto burgers -- brokers, but would be comfortable with a

we know the nerve in mona is a chinese girl turned jewish bitwise at funny? it's really literally i used to say i will keep beds of index cards, these little spiral-bound notebooks and i would write ideas that london and then i will flip through the years later look of ideas. i came to the card that said mona turns jewish. because a monopolist i thought what's that about? why is that funny? why is irish american girl turned jewish funny? what is the difference between chinese american and jewish american? is there something, isn't something that's different about it? and why? i felt like a win if there is in europe there, that's why i'm laughing sure enough there was a big nerve and the book wrote itself. like i say, it is i biographical in the sense that with minor -- autobiographical but it's not, i'm not jewish and i've never really thought about converting to judaism. and all the facts of the book are all made up. it's autobiographical, it's a dream that you are able to have and it tells a kind of truth that is like the truth in dreams. it's not the facts