Asset management company Bitwise is withdrawing its application for a market cap ETF on Bitcoin (BTC) and Ethereum (ETH).
After the SEC repeatedly postponed ETF applications, Bitwise requested to withdraw its Bitcoin and Ethereum Market Cap Strategy Futures (ETF) application. The company, which applied to the SEC on this issue on August 3, took a step back less than a month later.
Statements regarding the issue came from Bitwise official.
In a recent statement, Bitwise’s Chief Investment Officer Matt Hougan stated that all ETFs must be approved by the SEC. Hougan said the following about the latest developments:
The ETF aims to invest in Bitcoin Futures Contracts or Ethereum Futures Contracts determined by their relative market values. Bitwise also collaborated with ProShares to launch another ETF. “The Trust no longer intends to investigate the effectiveness of the Fund and no securities of the Fund have been or will be sold pursuant to the Post-Effective Amendment to the Trust Registration Statement.”
Following the postponement of many ETFs, Bitwise appears to be re-evaluating its strategy systems. By taking a step back in its ETF move, Bitwise created a question mark in minds. Most Bitwise users and crypto investors believe the negative outlook on ETFs will continue.
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