{"id":181748,"date":"2023-09-23T21:39:40","date_gmt":"2023-09-23T21:39:40","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181748"},"modified":"2023-09-23T21:39:40","modified_gmt":"2023-09-23T21:39:40","slug":"bitwise-withdraws-application-a-big-blow-to-ethereum-etfs","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitwise-withdraws-application-a-big-blow-to-ethereum-etfs\/","title":{"rendered":"Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?"},"content":{"rendered":"<p><span>In a recent development, <\/span><span>asset manager Bitwise<\/span><span> has <\/span><span>withdrawn<\/span><span> its application to transform its existing Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) to one that invests in both Bitcoin and Ethereum futures contracts.\u00a0<\/span><\/p>\n<p><span>This has raised speculations about the reason for this decision and what it means for the Ethereum futures ETFs projected to <\/span><span>launch<\/span><span> in October.<\/span><\/p>\n<h2>Why Bitwise Withdrew Its Application<\/h2>\n<p><span>Reporting this development on his X (formerly Twitter) platform, Bloomberg Analyst James Seyffart <\/span><span>stated<\/span><span> that the asset manager has chosen to maintain only its Bitcoin exposure following this move.\u00a0<\/span><\/p>\n<p><span>Many were more concerned about the reason for this decision. To clarify, Seyffart stated that the Asset manager may have made this decision simply because it doesn\u2019t see the \u201cbenefit in having a dual BTC and ETH ETF,\u201d especially considering that their Ethereum futures ETF is expected to launch only a few days after the first one launches.\u00a0<\/span><\/p>\n<p><span>Seyffart also believes the firm\u2019s Optimum Roll ETF investors may have preferred only exposure to Bitcoin rather than Bitcoin and Ethereum, which prompted the decision.\u00a0<\/span><\/p>\n<p><span>This development comes after Bitwise had <\/span><span>withdrawn<\/span><span> its application for its <\/span><span>Bitwise Bitcoin and Ether Market<\/span><span> Cap Weight Strategy ETF, which it filed with the SEC on August 3. The asset manager had made its decision known in a filing to the SEC dated August 31.\u00a0<\/span><\/p>\n<p><span>Meanwhile, the filing with the SEC to withdraw its Bitwise Bitcoin and Ether Equal Weight Strategy ETF <\/span><span>application<\/span><span> is dated September 22.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/HkuFNCTU\/\"><\/p>\n<p>ETH price struggling to reclaim $1,600 | Source: ETHUSD on Tradingview.com<\/p>\n<h2>What Now For Bitwise And Ethereum Futures ETF<\/h2>\n<p><span>It is worth mentioning that Bitwise isn\u2019t backing out of the Ethereum futures ETF race despite these recent developments. The asset manager still has its <\/span><span>Bitwise Ethereum Strategy ETF<\/span><span> application with the SEC, with the fund seeking to invest in Ethereum futures contracts.\u00a0<\/span><\/p>\n<p><span>The withdrawals have also not affected Seyffart\u2019s <\/span><span>optimism about the launch<\/span><span> of several Ethereum futures ETFs in October as he believes there isn\u2019t much meaning to read into the asset manager\u2019s actions than it being \u201csome sort of product decision.\u201d<\/span><\/p>\n<p><span>He noted that the only time there may be reason for concern is if Valkyrie were to withdraw its application. Like Bitwise, Valkyrie had also <\/span><span>applied<\/span><span> to the SEC to transform its Bitcoin futures ETF (Valkyrie Bitcoin Strategy ETF) into a fund that invests in both Bitcoin and Ethereum futures contracts.\u00a0<\/span><\/p>\n<p><span>Barring any denial by the SEC, asset managers like Volatility Shares, VanEck, ProShares, Roundhill, and even Bitwise are expected to<\/span><span> launch their Ethereum futures ETF<\/span><span> in October.\u00a0<\/span><\/p>\n<p><span>Based on their respective filing dates, Volatility Shares is set to gain a first-mover advantage, launching on October 12, while others are expected to launch after.\u00a0<\/span><\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/news\/ethereum\/bitwise-ethereum-etfs\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent development, asset manager Bitwise<\/p>\n","protected":false},"author":3,"featured_media":181747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitwise Withdraws Application, A Big Blow To Ethereum ETFs? 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