Bitwise Withdraws Long-Standing Bitcoin ETF Application
A Jan. 14 form with the United States Securities and Exchange Commission (SEC) confirms that Bitwise Asset Management requested the withdrawal of its application for a Bitcoin (BTC) Exchange Traded Fund (ETF).
Bitwise applied for ETF registration in January 2019. In March of the same year, it had released the Bitwise Report on exchange volume, claiming that 95% of trading volume is fabricated.
A Bitcoin ETF would thus enable institutional and retail investors alike to gain direct exposure to the currency - while trading within the bounds of regulated traditional exchanges.
There were many historic attempts at registering a Bitcoin ETF, but they were always rejected by the SEC. Their primary concerns remain those of difficult custody and the potential for market manipulation.