Bitwise has decided to retract their application to launch the Bitcoin and Ether Market Cap Weight Strategy ETF, dated August 3.
This ETF proposed to purchase the first and second cryptocurrencies by market capitalization in a ratio representative of their respective market capitalizations.
This action follows in the wake of the SEC’s delay of its decision to approve applications for spot Bitcoin ETFs from major players such as BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie until at least mid-October, with the potential for the SEC to further extend the review until January, March, April or May 2024.
After previously applying to launch an ETF based on Ethereum futures, Bitwise withdrew the application a week later.
All of this precedes Bloomberg analysts James Seyffarth and Eric Balchunas’ estimation of a 75% chance of a spot BTC ETF launching by the end of 2023 after Grayscale’s legal victory against the SEC.