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Bitwise, a crypto asset management company, has withdrawn its application for Bitcoin ETF approval. According to the note, submitted by Bitwise to the US Securities and Exchange Commission (SEC) on Tuesday, this step "is in the public interest and investor protection."
Matt Hougan, head of research at Bitwise, confirmed the information. He told The Block:
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We have indeed withdrawn the application, but we are ready to resubmit when the time comes.
Hougan added that the company is currently “working hard” on items that the SEC has requested clarification in response to the initial application.
We remain fully committed to the development of the Bitcoin ETF, he added.
The news came a few weeks after Bitwise announced that it would provide investors with access to Bitcoin in a regulated and familiar format.
Bitwise first applied for ETF registrationalong with the NYSE Arca in January 2019. Since then, a Bitwise representative has met eight times with SEC staff and added an additional 500 pages of documentation to meet regulatory requirements.
Recall that in September, Cboe BZX also recalledapplication for registration of Bitcoin ETF. To date, no company has received approval to register a Bitcoin ETF, as the SEC is still concerned about market manipulation.