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 <p><span data-preserver-spaces="true">The ETF aimed to allocate funds into either Bitcoin Futures Contract or Ethereum Futures Contract based on the relative market capitalization between the two. <a rel="noopener noreferrer nofollow" title="Bitwise" href="https://thebittimes.com/tag/bitwise.html">Bitwise</a> even partnered with ProShares to create another ETF during the same time period.</span></p>  
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 <p><span data-preserver-spaces="true">Also Read:&nbsp;</span><span data-preserver-spaces="true">Breaking: US SEC Delays Decision on WisdomTree <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> Application</span></p> 
 <h2 id="span-data-preserver-spaces-true-what-caused-bitwise-to-redact-its-etf-application-span"><span data-preserver-spaces="true">What Caused Bitwise To Redact Its ETF Application?</span></h2> 
 <p><span data-preserver-spaces="true">Despite the bullish sentiments in the market after Grayscale’s victory over the SEC, <a rel="noopener noreferrer nofollow" title="Bitwise" href="https://thebittimes.com/tag/bitwise.html">Bitwise</a> seems to be silently reconsidering its plan of action. The withdrawal for the Bitcoin and Ethereum Market Cap Strategy was a surprise; however, in the&nbsp;</span><span data-preserver-spaces="true">filing</span><span data-preserver-spaces="true">, a statement read, “The Fund seeks to provide investors with capital appreciation. There can be no assurance that the Fund will achieve its investment objective.”</span></p>  
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 <p><span data-preserver-spaces="true">In the withdrawal&nbsp;</span><span data-preserver-spaces="true">statement</span><span data-preserver-spaces="true">, 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.”</span></p>  
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 <p><span data-preserver-spaces="true">It is not the first ETF application that Bitwise has withdrawn. Bitwise filed an&nbsp;</span><span data-preserver-spaces="true">application</span><span data-preserver-spaces="true"> for the Ethereum Strategy ETF earlier this year. The ETF aimed to invest in front-time and back-time Ethereum Futures. However, the asset manager </span><span data-preserver-spaces="true">withdrew</span><span data-preserver-spaces="true">&nbsp;the ETF just a week after the filing.</span></p> 
 <p><span data-preserver-spaces="true">Understanding what <a rel="noopener noreferrer nofollow" title="Bitwise" href="https://thebittimes.com/tag/bitwise.html">Bitwise</a> has in store for the crypto community is complicated. The contradiction between the statements of the crypto asset management firms Chief officers and its actions creates confusion among investors. However, it is worth noting that the the Asset Manager’s Bitcoin Spot ETF is still very much in play. We eagerly await the next move by <a rel="noopener noreferrer nofollow" title="Bitwise" href="https://thebittimes.com/tag/bitwise.html">Bitwise</a> and shed some light on its plans with the ETFs.</span></p> 
 <p>Also Read:&nbsp;Breaking: <a rel="noopener noreferrer nofollow" title="Bitwise" href="https://thebittimes.com/tag/bitwise.html">Bitwise</a> Revises Bitcoin Futures ETF To Bitcoin And Ether Strategy ETF</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitwise-withdraws-btc-eth-strategy-etf-application-tbt61147.html">https://thebittimes.com/bitwise-withdraws-btc-eth-strategy-etf-application-tbt61147.html</a></p>

Bitwise Withdraws BTC & Eth Strategy ETF Application

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