The Withdrawal of Bitwise’s Bitcoin and Ethereum Market Cap Strategy ETF Application
Bitwise, a prominent crypto company, has recently withdrawn its application for the Bitcoin and Ethereum Market Cap Strategy ETF from the SEC’s Division of Investment Management. This move has raised questions about their motivations and potential concerns regarding SEC scrutiny.
Main Breakdowns:
- Bitwise’s Chief Investment Officer, Matt Hougan, had previously advocated for the approval of all ETFs, challenging the SEC’s motives.
- The ETF was initially structured to allocate funds based on the market capitalization of Bitcoin and Ethereum and intended to invest in Bitcoin or Ethereum Futures Contracts.
- Bitwise’s decision to withdraw its ETF application remains unclear, leaving investors bewildered.
- Bitwise’s Bitcoin Spot ETF is still in progress, with the crypto community eagerly awaiting further clarification from the company.
- The SEC has postponed its decision on six applications for spot Bitcoin ETFs, extending the review period until October.
Hot Take: Bitwise’s withdrawal of its ETF application raises concerns about the company’s intentions and potential issues with SEC scrutiny. The decision leaves investors unsure of Bitwise’s strategic direction, while the SEC’s extended review period for spot Bitcoin ETF applications adds further uncertainty to the crypto market.
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