In a recent submission to the U.S. Securities and Exchange Commission (SEC), Bitwise has decided to retract its registration for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF). The reasoning behind this action remains unknown, but Bitwise’s chief legal officer, Katherine Dowling, briefly noted that the company has postponed plans to launch the fund.
Bitwise Halts Plans for Bitcoin and Ether Market Cap Weight Strategy ETF Launch
Subsequent to the postponement of seven spot bitcoin ETFs, Bitwise Asset Management has rescinded its Bitcoin and Ether Market Cap Weight Strategy ETF, as stated in an SEC filing on August 31, 2023. The digital asset manager submitted the fund to the SEC on August 3, 2023. It relies on a five-year-diluted market cap among other qualifying factors to ascertain the weight of each cryptocurrency.
Owing to the market cap of bitcoin (BTC) and ethereum (ETH), the combined allocation of these crypto assets within the proposed ETF would ha
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