Bitwise Impact pulls out an Ethereum ETF Application


KANALCOIN NEWS – Asset manager Bitwise canceled to convert its Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) into an investment in Bitcoin and Ethereum futures contracts. Makes speculators ask what the reasons for this decision are. Congratulations, speculators are also asking what the projections for the Ethereum futures ETF which was launched in October mean.

Reasons Bitwise Withdraws Its Decision

Bloomberg analyst James Seyffart wrote on X’s account that the asset manager has chosen to simply maintain its Bitcoin exposure after this move. Many speculators are worried about this decision.

Furthermore, Seyffart explained that the Asset Manager may have made this decision simply because he thought there was no benefit to having both BTC and ETH ETFs in one application. Especially as their Ethereum futures ETF is expected to launch just days after the launch of the first Bitcoin ETF.

Seyffart believes that one of the driving forces behind the decision is that Optimum Roll ETF investors may prefer exposure to Bitcoin alone rather than Bitcoin and Ethereum together.

Asset manager Bitwise has announced its decision in a filing with the SEC dated August 31. This comes after the investment firm withdrew its application for the Bitwise Bitcoin and EterCap Market Weight Strategy ETF, which was filed with the SEC on August 3.

Meanwhile, the filing with the SEC to withdraw the Bitwise Bitcoin and Ether Equal Weight Strategy ETF application was made on September 22.

Product Related Decisions Only

Please note that the Asset manager still has a Bitwise Ethereum Strategy ETF application with the SEC, with funds seeking to invest in Ethereum futures contracts. And that means, Bitwise is not backing down from the Ethereum futures ETF race despite recent developments.

Seyffart remains optimistic about the launch. Because he believes there is no point in reading asset managers’ actions because they are just some kind of product decisions.

Concerns may arise when Valkyrie withdraws her request. Valkyrie also applied to the SEC to convert its Bitcoin futures ETF into a fund that invests in Bitcoin and Ethereum futures contracts.

Unless the SEC does, asset managers such as Volatility Shares, VanEck, ProShares and Roundhill are pushing back. And even Bitwise is expected to launch their Ethereum futures ETF in October.

Volatility stocks launched on October 12 will be Volatility Stocks that will gain a first-mover advantage. And other shares are expected to launch afterward

Bitwise is not the First

Based on a report from investopedia, the digital asset management company that first proposed an Ethereum-only futures ETF was Volatality Shares. The funds that will go into asset management will not go directly into the ETH ecosystem. Instead, it will be played based on price movements of futures contracts on the Chicago Mercantile Exchange.

After Volatility Shares, five other asset management companies submitted their applications. Like Valkyrie, asset management company Grayscale also submitted an application for a Bitcoin and Ethereum futures ETF. While Proshares prefers applications for Ethereum futures ETFs only. Like Volatility Shares and later Bitwise.


Redaksi Media
Author: Redaksi Media

Cryptocurrency Media

Notify of
Inline Feedbacks
View all comments