Bitwise, a leading cryptocurrency investment firm, has made a surprise decision to withdraw its application for an Ethereum (ETH) and Bitcoin (BTC) Market Cap ETF (exchange-traded fund). The move has caught the attention of crypto enthusiasts and investors alike, as the ETF was eagerly awaited in the market. Despite this unexpected development, Bitwise remains committed to navigating the evolving regulatory landscape and exploring new avenues for offering innovative investment solutions in the cryptocurrency space. Stay updated with the latest developments in the crypto market by following Bitwise’s announcements.
Title: Bitwise Trust Fund Withdraws Bitcoin and Ethereum Market Cap ETF Application
Bitwise Trust Fund has withdrawn its application for a Bitcoin and Ethereum Market Cap Weight Strategy exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC). This unexpected move comes as a surprise, especially considering the Chief Investment Officer of Bitwise, Matt Hougan, had previously urged the SEC to approve all pending ETF applications.
In a recent statement, Bitwise clarified that it no longer intends to seek effectiveness of the Fund and no securities of the Fund were sold or will be sold. It seems that the withdrawal of the application is a strategic decision by Bitwise, but the exact reasons behind it have not been disclosed.
The cryptocurrency community has seen a surge in enthusiasm for ETFs in recent months, with prominent companies like BlackRock and Bitwise filing applications for a Bitcoin spot ETF. Additionally, there has been an influx of applications for Ethereum Futures ETFs from established financial institutions. However, the SEC has postponed its decision on these applications, stating the need for additional time to assess the proposed rule changes and related concerns carefully. The regulator has announced that its decision will not come before October.
Despite the delay, market analysts remain optimistic about the future of ETFs. Bloomberg business analysts James Seyffart and Eric Balchunas predict a 75% chance of approval for a Bitcoin spot ETF in the current year, with a soaring 95% probability predicted for the following year.
In conclusion, Bitwise Trust Fund’s withdrawal of its Bitcoin and Ethereum Market Cap ETF application has taken many by surprise. As the SEC continues to evaluate the proposed rule changes, market analysts are hopeful for a positive outcome in the coming months. The regulatory approval of ETFs is expected to bring increased competition, lower prices, and better investment products to the cryptocurrency market.
Title: Bitwise Trust Fund’s Surprise Withdrawal of Bitcoin and Ethereum ETF Application
The cryptocurrency industry has been eagerly anticipating the approval of Bitcoin and Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). However, Bitwise Trust Fund has recently withdrawn its application for a Bitcoin and Ethereum Market Cap Weight Strategy ETF, leaving industry experts and investors surprised.
Bitwise Trust Fund’s decision to withdraw the application is unexpected, especially considering the company’s Chief Investment Officer, Matt Hougan, had publicly urged the SEC to approve all pending ETF applications. Hougan believes that the approval of multiple ETFs would lead to increased competition, lower prices, and superior investment products.
The withdrawal of the application comes at a time when there is growing interest from asset managers in cryptocurrency ETFs. Companies like BlackRock and Bitwise have filed applications for Bitcoin spot ETFs, while established financial institutions are seeking approval for Ethereum Futures ETFs. However, the SEC has postponed its decision on these applications, citing the need for more time to carefully evaluate the proposed rule changes and address concerns.
Despite the delay, market analysts remain optimistic about the possibility of a spot Bitcoin ETF receiving regulatory approval by the end of the year. Bloomberg business analysts James Seyffart and Eric Balchunas forecast a 75% chance of approval in the current year, with an even higher probability of 95% predicted for the following year.
In conclusion, Bitwise Trust Fund’s surprise withdrawal of its Bitcoin and Ethereum ETF application has created a cloud of uncertainty in the cryptocurrency industry. As stakeholders eagerly await the SEC’s decision, optimism remains, as market analysts believe that the approval of ETFs will bring significant benefits to the market, including increased competition and improved investment products.