The crypto index fund manager Bitwise, has withdrawn their application to convert its Bitcoin futures fund to a Bitcoin and Ethereum futures fund.
Bitwise, the cryptocurrency index fund manager, withdrew their application to convert $BITC from a Bitcoin futures fund to a Bitcoin and Ethereum futures fund, according to a post by Bloomberg Intelligence analyst James Seyffart on X on September 22.
The trust is no longer attempting to change the strategy via the amendment, according to a letter from Bitwise’s general counsel Katherine Dowling to the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC), which Seyffart released. The letter did not, however, go into great detail after its August 10 filing.
The analyst noted that it is premature to make conclusions from this information. Still, if Valkyrie were to withdraw as well, it might indicate more going on than initially appears.
Meanwhile, the SEC decided it needed more time to consider submissions from WisdomTree, VanEck, Invesco Galaxy, Wise Origin Bitcoin Trust (by Fidelity), and BlackRock, and has postponed its judgment on those spot Bitcoin ETF proposals as of August 31.
Awaiting Further Details
As the next deadline draws near, many crypto community members are closely monitoring developments on crypto ETFs. Because of this, it was particularly noteworthy when Gary Gensler, the chairman of the SEC, chose not to directly address the issue of spot ETF certifications for cryptocurrency during a hearing on September 12 before the U.S. Senate Banking Committee.
