Bitwise Trust Fund has withdrawn its application for a Bitcoin and Ethereum Market Cap Weight Strategy exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC). The company stated that 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 had urged the SEC to approve all pending ETF applications. 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 witnessed a flurry of applications from established financial institutions seeking approval for Ethereum Futures ETFs. However, the SEC recently postponed its decision on these spot BTC ETF applications, stating the need for additional time to assess the proposed rule change and related concerns carefully. The regulator revealed that the earliest date for its decision would be October. Despite the delay, market analysts maintain an optimistic outlook, with many expecting the regulatory green light for a spot Bitcoin ETF by year-end. According to Bloomberg business analysts, the likelihood of approval in the current year is 75%, with a soaring 95% probability predicted for the following year.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	9
People	Matt Hougan, James Seyffart, Eric Balchunas
Companies	Bitwise, Bitwise Trust Fund, U.S. Securities and Exchange Commission, Ethereum Futures ETFs, BlackRock
Currencies	Ethereum, Bitcoin
Securities	None