RATE Group | Bitwise Withdraws Long-Standing Bitcoin ETF Application
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Bitwise Withdraws Long-Standing Bitcoin ETF Application

15 Jan Bitwise Withdraws Long-Standing Bitcoin ETF Application

Posted at 11:48h in Bitcoin News by

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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). This is the second major ETF withdrawal in recent months following similar actions by VanEck.

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. The finding was used by the company as an argument for the SEC to accept the ETF. By disregarding the majority of the exchange volume, the firm maintained that price formation for BTC occurred mostly on regulated exchanges.

The reasoning did not convince the commission, which rejected the proposal in October 2019. One month later, however, the regulator decided to review its decision.

It is unclear why Bitwise decided to withdraw the ETF right now. Bitwise representatives did not immediately reply to a…

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