In a surprising turn, Bitwise applied for the withdrawal of its application for its Bitcoin and Ether Market Cap Strategy exchange-traded fund (ETF), which was originally filed to the United States Securities and Exchange Commission (SEC) on Aug. 3.
The crypto market mood has become positive after the victory of Grayscale’s SEC victory against spot bitcoin ETF, Bitwise seems to be reevaluating its strategy. The filing of the withdrawal of the ETF application was unexpected. The application reads “The fund seeks to provide investors with capital appreciation. There can be no assurance that the fund will achieve its investment objective.”
Bitwise said, “The Trust no longer intends to seek effectiveness of the Fund and no securities of the Fund were sold, or will be sold, pursuant to the above-mentioned Post-Effective Amendment to the Trust’s Registration Statement,” in the withdrawal statement.
According to the SEC, it seeks more time for reviewing the spot Bitcoin ETF applications, so it delayed the decision for Bitwise along with the other six applicants.
