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Bitwise Withdraws its Bitcoin ETF Proposal to “Protect Investors”

Many people still have high hopes for a Bitcoin ETF. As more time progresses, those chances have become slimmer altogether. 

Even Bitwise is now withdrawing its application, albeit temporarily.

Still no Bitcoin ETF in Sight

The company cites “being consistent with public interest and protection of investors” as the main reasons.

The public interest in a Bitcoin ETF has never been present, as no such vehicle exists today.

Protection of investors is a bit unusual as a reason, considering this vehicle is designed to expose users to extreme price volatility. 

For the bitcoin industry as a whole, it is a minor setback.

Very few people actually expect a bitcoin ETF to be ever approved unless new regulatory measures are introduced. 

For now, the US government doesn’t appear inclined to regulate bitcoin at all. 

For Bitwise, even meeting with the SEC several times has not helped the company in pushing this proposal through.

It is not the first time a company withdraws its ETF proposal, nor will it be the last.

For now, Bitwise remains committed to seeing this vehicle introduced sooner rather than later. 

The focus will not shift to putting more effort into negating the SEC’s major concerns.

That may prove to be rather challenging, as the SEC tends to pick new holes in ETF applications on a regular basis.


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