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Bitwise Unexpectedly Withdraws Application For Bitcoin and Ether Strategy ETF

September 2, 2023
in Bitcoin
Reading Time: 3 mins read
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Bitwise
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Bitwise unexpectedly filed to withdraw its utility for a Bitcoin and Ethereum Market Cap Technique ETF.

The submitting got here simply hours after the SEC delayed its choice on seven spot Bitcoin ETF purposes, together with one by Bitwise, suggesting the asset supervisor could also be re-evaluating its technique.

“The fund seeks to supply buyers with capital appreciation,” the submitting stated. “There may be no assurance that the fund will obtain its funding goal.”

The asset administration firm had solely utilized for the ETF with the US Securities and Alternate Fee (SEC) on August 3. The withdrawal is the extra surprising on condition that Chief Funding Officer Matt Hougan had urged the SEC to approve all pending ETF purposes. The ETF deliberate to spend money on Bitcoin or Ethereum Futures Contracts based mostly on their market capitalization.

Bitwise Does It Once more

It isn’t the primary time that Bitwise has withdrawn an ETF utility. Earlier this 12 months, the corporate utilized for an Ethereum Technique ETF investing in Ethereum futures. It later filed a withdrawal request after every week.

Bitwise was among the many first asset managers to file purposes for Bitcoin ETFs with the SEC. In January 2019, Bitwise filed an utility with the SEC for a Bitcoin-backed ETF monitoring the Bitwise Bitcoin Complete Return Index. The ETF proposed by the corporate on the time sought to make use of market information from totally different cryptocurrency exchanges to supply a broader view of the worldwide cryptocurrency market. Bitwise’s utility might need mandated third-party custodians to carry Bitcoin.

The SEC yesterday delayed choices on purposes for seven spot Bitcoin ETFs, knocking sentiment on the sector simply days after a Grayscale Investments court docket victory had buoyed optimism.  There have been purposes from Bitwise, Blackrock, Constancy, Valkyrie, VanEck, WisdomTree, and a joint utility by Invesco and Galaxy.

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