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New Bitcoin Futures ETF Application Filed by Bitwise

New Bitcoin Futures ETF Application Filed by Bitwise

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Cryptocurrency asset manager Bitwise has taken another stab at launching a futures-based Bitcoin ETF

Bit by bitone of the top cryptocurrency asset managers, has resubmitted its application to launch a Bitcoin futures exchange-traded fund (ETF).

Its proposed fund would invest in Bitcoin futures contracts exclusively through a wholly owned subsidiary organized under the laws of the Cayman Islands.

Bitwise withdrew the application last November because the proposed product is expensive and complex. The proposal was originally submitted last September.

ProShares launched the first Bitcoin futures ETF in the US last October. Valkyrie introduced a similar offering soon after.

Although the ProShares Bitcoin Strategy ETF (BITO) was a huge success in the first week of its launch, the hype quickly faded due to rapidly falling cryptocurrency prices.

Like reports U.TodayBITO is now among the worst-performing ETFs of all time, falling more than 70% in its first year of trading.

Earlier this year, ProShares launched an ETF that allows users to profit from the falling prices of cryptocurrencies.

Despite the acceptance of several Bitcoin futures ETFs, SEC has yet to opt for a spot-based product, citing oft-repeated concerns about market manipulation.

The Securities Market Authority has rejected Bitwise’s application for the spot Bitcoin ETF.

Grayscale, a subsidiary of Digital Currency Group, has already launched a legal challenge to reject the SEC’s request to convert the company’s Bitcoin foundation into an ETF.

Bitwise Chief Compliance Officer Katherine Dowling did not dominate is suing the SEC for shooting down its Bitcoin ETF filing. Lawsuits could potentially help to increase regulatory clarity.

Source: https://u.today/new-bitcoin-futures-etf-application-filed-by-bitwise

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