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Bitwise bullish on spot Bitcoin ETF after dropping futures filing

Bitwise’s CIO explained why the company decided to ditch its Bitcoin futures ETF and focus on a spot based Bitcoin ETF. While scrapping an ETF linked to futures, the company remains bullish on a spot Bitcoin ETF, designed to directly track Bitcoin, Bitwise investment manager Matt Hougan announced that the company will continue with their efforts to launch such a product in the US: “At the end of the day, what a lot of investors want is a spot Bitcoin ETF. We think it could happen. Bitwise will therefore continue to pursue this goal and we will look for other ways to help investors access the incredible opportunities in crypto.

The CIO pointed out that the first Bitcoin ETF application ever filed was an ETF founded by crypto exchange founders Gemini, Cameron and Tyler Winklevoss. Listed in 2013, the request was rejected by the US Securities and Exchange Commission (SEC) in 2017.“For years a lot of people have worked on this, including the team here,” he said.

Hougan went on to say that “any ETF is a big step forward”, referring to the fact that many Bitcoin futures ETFs received SEC approval and started trading in October. However, there are several reasons why Bitwise would prefer to withdraw their own request. 10% per annum. Hougan also noted that BTC futures ETFs would have used “all available capacity at futures commission traders. “It will subside over time, but for now it’s a different expense. “, Adding that products like the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF are” reflective versions.

As previously reported, Bitwise applied for a Spot Bitcoin ETF in mid-October, intending to list the product on the NYSE Arca electronic exchange. The app comes just a month after the company applied for the Bitwise Bitcoin Strategy ETF in September.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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