Bitwise withdraws Bitcoin and Ethereum ETF application
Bitwise Asset Management has withdrawn its application for a Bitcoin and Ethereum Market Cap Weight Strategy ETF. Bitwise Asset Management has withdrawn its application for a Bitcoin (BTC) and Ether (ETH) Market Cap Weight Strategy exchange-traded fund. It was initially filed with the U.S. Securities and Exchange Commission on Aug. 3. This decision follows a period of increased optimism in the crypto market after Grayscale secured approval for its own ETF from the SEC. Bitwise’s Chief Investment Officer, Matt Hougan, had expressed support for the SEC’s approval of crypto ETFs in a previous interview with Bloomberg. The planned ETF was designed to invest in futures contracts for either Bitcoin or Ethereum, guided by their respective market capitalizations. In addition, Bitwise was concurrently collaborating with ProShares to initiate another ETF. The company’s official statement on the withdrawal noted, “The Trust no longer intends to seek effectiveness of...