March 29, 2024

Bitwise Withdraws Bitcoin ETF Registration Application

Bitwise Withdraws Bitcoin ETF Registration Application

Crypto asset management company Bitwise has withdrawn its application for approval of a Bitcoin ETF. 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:

We have indeed withdrawn the application, but we are ready to resubmit when the time comes.

Hougan added that the company is currently "working diligently" on the points the SEC required clarification in its response to the original filing.

We remain fully committed to the development of the Bitcoin ETF, – he added.

The news comes weeks after Bitwise announced it would give the company's investors the ability to access Bitcoin in a regulated and familiar format.

Bitwise filed for ETF registration for the first timealong with NYSE Arca in January 2019. Since then, a Bitwise representative has met with SEC staff eight times and added an additional 500 pages of documentation to satisfy the regulator's requirements.

Let us remind you 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 remains concerned about market manipulation.