Bitwise surprises investors and the crypto community by retracting its Bitcoin and Ethereum Market Cap Strategy ETF application without a clear explanation.
) exchange-traded fund applications from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, BlackRock, Bitwise and Fidelity. According to the 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,.
Bitwise was among early asset management firms that lodged applications with the SEC for Bitcoin ETF products. Its 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.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.
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