Bitwise Withdraws Application for Bitcoin and Ethereum ETF
Bitwise unexpectedly filed to withdraw its application for a Bitcoin and Ethereum Market Cap Strategy ETF. The filing came just hours after the SEC delayed its decision on seven spot Bitcoin ETF applications, suggesting the asset manager may be re-evaluating its strategy.
Key Points:
- Bitwise had applied for the ETF with the SEC on August 3.
- The withdrawal is surprising given that Chief Investment Officer Matt Hougan had urged the SEC to approve all pending ETF applications.
- The ETF planned to invest in Bitcoin or Ethereum Futures Contracts based on their market capitalization.
- This is not the first time Bitwise has withdrawn an ETF application.
- Bitwise was among the first asset managers to file applications for Bitcoin ETFs with the SEC.
It is not the first time that Bitwise has withdrawn an ETF application. Earlier this year, the company applied for an Ethereum Strategy ETF investing in Ethereum futures. Bitwise was among the first asset managers to file applications for Bitcoin ETFs with the SEC. The SEC yesterday delayed decisions on applications for seven spot Bitcoin ETFs, knocking sentiment on the sector just days after a Grayscale Investments court victory had buoyed optimism.
Hot Take: Bitwise’s unexpected withdrawal of its ETF application suggests that the asset manager is re-evaluating its strategy in the wake of the SEC’s delayed decisions. This news highlights the ongoing challenges faced by cryptocurrency asset managers in gaining regulatory approval for ETFs in the US.
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