Fun

News Feed - 2023-09-01 04:09:59

Amaka Nwaokocha1 hour agoBitwise withdraws Bitcoin and Ether Market Cap ETF applicationBitwise was among a number of asset managers looking to launch spot Bitcoin exchange-traded funds in the United States.1014 Total views10 Total sharesListen to article 0:00NewsJoin us on social networksIn an unexpected turn of events, Bitwise submitted a request to retract its application for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF), initially filed with the United States Securities and Exchange Commission (SEC) on Aug. 3.


While market sentiment turned bullish following Grayscale’s SEC victory, Bitwise appears to be reassessing its strategy. The withdrawal of the ETF application was unexpected; however, in the filing, 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.”


Bitwise chief investment officer Matt Hougan advocated for SEC approval of all ETFs in a recent Bloomberg interview. The ETF intended to invest in either Bitcoin (BTC) futures contracts or Ether (ETH) futures contracts, determined by market capitalization. Bitwise also collaborated with ProShares to launch another ETF around the same time.


In the withdrawal statement, Bitwise 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 ETF applications from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, BlackRock, Bitwise and Fidelity. According to a SEC filing dated Aug. 31, the commission has designated a longer period in which it may review spot Bitcoin ETF applications from WisdomTree, VanEck, Invesco Galaxy, Bitwise and Valkyrie, Wise Origin Bitcoin Trust proposed by Fidelity, as well as BlackRock’s Bitcoin ETF. 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 was among the early asset management firms that lodged applications with the SEC for Bitcoin ETF products. Its January 2019 application with the U.S. securities regulator proposed a BTC-backed ETF tracking the Bitwise Bitcoin Total Return Index, which is calculated based on the value of Bitcoin derived from BTC transactions taking place on exchanges.


Related:SEC delays decision on 6 spot Bitcoin ETF applications


The company’s proposed Bitcoin ETF was touted 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.


Bitwise’s recent withdrawal isn’t its first. Earlier this year, it submitted an application for an Ethereum Strategy ETF designed to invest in both front-time and back-time Ethereum futures. However, the asset manager withdrew its application just one week later.


Magazine:SEC calls ETF filings inadequate, Binance loses euro partner and other news: Hodler’s Digest, June 25 – July 1# Bitcoin# Cryptocurrencies# SEC# ETF# Cryptocurrency Exchange# RegulationAdd reactionAdd reactionRead moreHow to earn passive income with peer-to-peer lendingHow AI analysis can change finance and crypto tradingWhen will it be too late to invest in Bitcoin?

News Feed

Naomi Osaka Reveals New NFT, Dogecoin Sparks Tennis Star’s Interest in Cryptocurrencies
Naomi Osaka Reveals New NFT, Dogecoin Sparks Tennis Star"s Interest in Cryptocurrencies The popular professional tennis player Naomi Osaka has been discussing non-fungible token (N
South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi Scheme
South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi Scheme A South African regulator along with the country’s police have reported
Prashant Jha9 hours agoWhat criminal charges for Celsius ex-CEO mean for crypto industryThe former CEO of the troubled crypto lender faces multiple charges of fraud and market manipulation as U.S. regulators eye crypto m
Research the dynamics of market manipulation before you jump in Bitcoin ETFs
João Marco Braga da Cunha8 hours agoResearch the dynamics of market manipulation before you jump in Bitcoin ETFsBitcoin ETFs could be subject to manipulation in the spot Bitcoin market. The SEC"s chief concern is figuri
Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies
Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies New legislation proposed in the parliament of Kazakhstan will allow only authorized miners to mint digit
Bitcoin Price Prediction: The Last Leg-Up That Confirms A Resounding Rally To $150,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO
Canaan, the world’s second-largest bitcoin miner maker, intends to raise about $100 million in its initial public offering (IPO) in the U.S. The Hangzhou, China-based manufac
The Cyclicality Of Bitcoin: What The Cyclical Crests Say About A BTC Top
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
OKX exchange exiting Nigeria due to regulatory concerns
Vince Quill2 hours agoOKX exchange exiting Nigeria due to regulatory concernsThough the announcement came as a surprise to many users, OKX has been winding down features in the Nigerian market for months.644 Total viewsL
ETH restaking drives DeFi TVL to $100B, Solana releases patch for network congestion: Finance Redefined
Prashant Jha4 hours agoETH restaking drives DeFi TVL to $100B, Solana releases patch for network congestion: Finance RedefinedThe Solana Foundation claimed network congestion was due to the high demand for Solana block s
Jonathan DeYoung11 hours agoHow to become a ‘Blockchain Radical,’ according to podcaster Joshua DávilaDespite its libertarian reputation, author and podcaster Joshua Dávila, aka The Blockchain Socialist, believes c
German Economy in Risk of Recession Amid Weak Demand, Tariff Threat, and Epidemic
German Economy in Risk of Recession Amid Weak Demand, Tariff Threat, and Epidemic Germany, the economic powerhouse of Europe, is facing renewed challenges that may soon push it t