Bitwise Unexpectedly Withdraws Application For Bitcoin and Ether Strategy 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, including one by Bitwise, suggesting the asset manager may be re-evaluating its strategy.

“The fund seeks to provide investors with capital appreciation,” the filing said. “There can be no assurance that the fund will achieve its investment objective.”

The asset management company had only applied for the ETF with the US Securities and Exchange Commission (SEC) on August 3. The withdrawal is the more unexpected 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.

Bitwise Does It Again

It is not the first time that Bitwise has withdrawn an ETF application.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. It later filed a withdrawal request after a week.

Bitwise was among the first asset managers to file applications for Bitcoin ETFs with the SEC. In January 2019, Bitwise filed an application with the SEC for a Bitcoin-backed ETF tracking the Bitwise Bitcoin Total Return Index. The ETF proposed by the company at the time sought to use market data from different cryptocurrency exchanges to offer a broader view of the global cryptocurrency market. Bitwise’s application might have mandated third-party custodians to hold Bitcoin.

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.  There were applications from Bitwise, Blackrock, Fidelity, Valkyrie, VanEck, WisdomTree, and a joint application by Invesco and Galaxy.

Related Articles:

• Bitwise Surpasses $100 Million in Asset Management
• Bitwise launches a ‘Crypto ETF’ With Bitcoin Exposure
• Bitwise Gives Up on Its Bitcoin ETF, Withdraws SEC Proposal

Smog (SMOG) - Meme Coin With Rewards

Rating

• Airdrop Season One Live Now
• Earn XP To Qualify For A Share Of $1 Million
• Featured On Cointelegraph
• Staking Rewards - 42% APY
• 10% OTC Discount - smogtoken.com

Visit Site