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<p class="is-style-lead">In a Sept. 22 post on X, Bloomberg Intelligence analyst James Seyffart reported Bitwise, the crypto index fund manager, has withdrawn their application to convert $BITC from a Bitcoin futures fund to a Bitcoin and Ethereum futures fund.</p> 
<p>This means the fund will remain as just Bitcoin exposure.</p> 
<h2 class="wp-block-heading" id="reason-unknown">Reason unknown</h2> 
<p>Seyffart shared a letter from Bitwise’s General Counsel Katherine Dowling to the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC) that said the trust is no longer seeking to change the strategy by the amendment. However, the letter did not provide much detail beyond its Aug. 10 submission.</p> 
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   <p lang="en" dir="ltr">NEW: <a href="https://twitter.com/BitwiseInvest?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@BitwiseInvest</a> has withdrawn their application to convert <a href="https://twitter.com/search?q=%24BITC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BITC</a> from a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> futures fund to a Bitcoin &amp; Ethereum futures Fund. It will remain just Bitcoin exposure. <a href="https://t.co/ubQ6qT15vy" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ubQ6qT15vy</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1705258028042199052?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 22, 2023</a> 
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<p>The&nbsp;<a href="https://twitter.com/JSeyff/status/1705266620698923073" target="_blank" rel="noopener noreferrer nofollow">analyst added</a>&nbsp;that this news is not something to read into just yet; however, if Valkyrie were to also withdraw, it might mean there is more happening than meets the eye.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/bitwise-withdraws-bitcoin-and-ethereum-etf-application/" rel="noopener noreferrer nofollow"> Bitwise withdraws Bitcoin and Ethereum ETF application </a> </p> 
<p>At the same time, the SEC’s decision on other spot Bitcoin ETF applications has been delayed as of Aug. 31, with the regulator deciding it needed a longer period of time to review submissions from WisdomTree, VanEck, Invesco Galaxy, Wise Origin Bitcoin Trust (by Fidelity) and BlackRock.</p> 
<h2 class="wp-block-heading" id="awaiting-further-information">Awaiting further information</h2> 
<p>With the next deadline approaching, many in the crypto community are keeping a close eye on news about <a href="https://crypto.news/secs-gensler-avoids-bitcoin-etf-question-in-latest-senate-hearing/" target="_blank" rel="noopener noreferrer nofollow">crypto ETFs</a>.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="What Court Ruling on Spot Bitcoin ETF Means for Crypto" width="1020" height="574" src="https://www.youtube.com/embed/oKW0Fi30CM4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>For this reason, it was also newsworthy when&nbsp;<a href="https://crypto.news/secs-gensler-avoids-bitcoin-etf-question-in-latest-senate-hearing/" target="_blank" rel="noopener noreferrer nofollow">Gary Gensler</a>, the chairman of the SEC, avoided a direct answer to spot ETF approvals for crypto in front of the U.S. Senate Banking Committee during a Sept. 12 hearing.</p> 
<p> Read more: <a href="https://crypto.news/sec-gives-official-acknowledgment-to-bitwises-resubmitted-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow"> SEC gives official acknowledgment to Bitwise’s resubmitted spot bitcoin ETF application </a> </p>

Bitwise withdraws crypto futures ETF amendment

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