Coinspeaker
Bitwise Pulls Plug on Bitcoin and Ethereum Market Cap ETF Application
In a surprising move, Bitwise, an asset management company based in San Francisco, has decided to withdraw its application for the Bitcoin (BTC) and Ethereum (ETH) Market Cap Weight Strategy Exchange-traded fund (ETF) filed with the United States Securities and Exchange Commission (SEC) last month.
The decision by Bitwise comes as a surprise, especially given the recent optimistic sentiment surrounding Grayscale’s victory against the SEC. BTC had a really good day on Tuesday, surging to over 7% to reach $27,851.82 and breaking above its 200-day simple moving average after a court ruled that the SEC made a mistake by rejecting Grayscale’s request to change its bitcoin trust into an ETF.
Bitwise Withdraws Bitcoin ETF Application
However, Bitwise has decided to take a step back and reconsider its strategic approach. According to the ETF withdrawal statement released on August 31, the company emphasized t
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