Bitwise Trust Fund has withdrawn its application for a Bitcoin and Ethereum Market Cap Weight Strategy exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC).
Per its withdrawal statement, Bitwise said its “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.”
This move is a surprise, considering its chief investment officer Matt Hougan urged the SEC to approve all pending ETF applications. In a Bloomberg interview, Hougan stated that the SEC approval of multiple ETFs will “create the most competition, the lowest prices,[and] the best products.”
In the last two months, there has been a notable surge in asset managers’ enthusiasm for cryptocurrency ETFs. Prominent companies such as BlackRock and Bitwise, among others, have filed applications for a Bitcoin spot ETF. Concurrently, the SEC has wi
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