Bitwise withdrew its ETF application. While the reason for this decision is unknown, no statement was made on the subject.
Crypto index fund manager Bitwise has withdrawn its application to convert BITC from a Bitcoin futures fund to a Bitcoin and Ethereum futures fund, Bloomberg Intelligence analyst James Seyffart reported in a post published on X on September 22. This means the fund will only be exposed to Bitcoin.
Cause unknown
Seyffart shared a letter Bitwise’s General Counsel Katherine Dowling sent to the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC), stating that she was no longer seeking to alter the strategy with the change. However, the letter did not provide further details beyond the application made on August 10.
NEW: @BitwiseInvest has withdrawn their application to convert $BITC from a #Bitcoin futures fund to a Bitcoin & Ethereum futures Fund. It will remain just Bitcoin exposure. pic.twitter.com/ubQ6qT15vy
— James Seyffart (@JSeyff) September 22, 2023
The analyst stated that the issue should not be taken seriously as it does not yet have details, but if Valkyrie also withdraws, this may mean that there is more to it than meets the eye.
On the other hand, the SEC’s decision on other spot Bitcoin ETF applications was postponed as of August 31; The regulator decided that a longer period of time was needed to review applications from WisdomTree, VanEck, Invesco Galaxy, Wise Origin Bitcoin Trust (by Fidelity) and BlackRock.
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