Bitcoin
$64,303.66+0.92%
Ethereum
$3,097.38+0.75%
Binance Coin
$560.52+1.39%
Solana
$144.22+2.08%
XRP
$0.50722587+0.94%
Dogecoin
$0.15455583+0.69%
Toncoin
$6.15-6.33%
Cardano
$0.47245969+3.29%
Shiba Inu
$0.00002290-0.14%
Avalanche
$35.22+0.35%
Wrapped Bitcoin
$64,423.93+1.07%
Tron
$0.11057338+1.00%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
00
DAYS
21
HR
55
MIN
54
SEC
Finance

Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity

The asset manager still has a spot Bitcoin ETF filing in the pipeline.

By Tanzeel Akhtar
AccessTimeIconNov 11, 2021 at 9:20 p.m. UTC
Updated May 11, 2023 at 4:08 p.m. UTC
Bitwise Chief Investment Officer Matt Hougan
Bitwise Chief Investment Officer Matt Hougan
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitwise Asset Management has withdrawn the application for its Bitcoin futures exchange-traded fund (ETF) citing what it said are the cost and complexity of such ETFs. The company will instead focus its efforts on its spot bitcoin ETF filing already in the pipeline.

  • “Our analysis suggested contango (associated with a futures ETF) would cost investors 5%-10% per year, before compounding,” said Matt Hougan, Bitwise Asset Management chief investment officer, in a tweet thread explaining the company’s rationale for the withdrawal.
  • “Ultimately, what many investors want is a spot bitcoin ETF [that holds bitcoin itself rather than futures]. We think that’s possible,” Hougan said.
  • The CIO added that, “Bitwise will continue to pursue that goal, and we will look for other ways to help investors get access to the incredible opportunities in crypto.”
  • The first bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), was approved by the U.S. Securities and Exchange Commission (SEC) in October and is listed on the New York Stock Exchange.
VolumeMuteUnmute

Read more: Bitwise Joins Hunt for Bitcoin ETF Approval With Futures Product Filing

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Tanzeel Akhtar
Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
BitwiseETFs