Bitwise Asset Management has unexpectedly withdrawn its application for the Bitcoin and Ethereum Market Cap Strategy Ethereum Futures Contracts (ETF) filed with the Securities and Exchange Commission (SEC) on Aug. 3. The ETF was intended to invest in either Bitcoin Futures Contracts or Ethereum Futures Contracts, depending on their relative market capitalization. The withdrawal statement from the asset management company only 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.” The SEC has delayed its decision on Bitcoin exchange-traded fund applications from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, BlackRock, Bitwise and Fidelity. The next set of deadlines for the SEC is in mid-October, but these may also be delayed to the SEC’s third batch of deadlines, in January, or to the final possible decision dates in March, April and May of next year.Bitwise had previously submitted an application for the Ethereum Strategy ETF, designed to invest in both front-time and back-time Ethereum Futures, but pulled this ETF just a week after submitting the application. The asset management company’s proposed Bitcoin ETF was intended to draw market data from a number of cryptocurrency exchanges in an effort to provide a trusted representation of the wider cryptocurrency markets. The firm would also require third-party custodians to physically hold Bitcoin.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Matt Hougan, BlackRock., Fidelity
Companies	Bitwise, SEC, Fidelity, ProShares, Grayscale
Currencies	Ethereum, Euro, Bitcoin, US Dollar
Securities	None