Bitwise has submitted a request to withdraw the application to launch the Bitcoin and Ether Market Cap Weight Strategy ETF dated August 3rd.
The exchange fund meant the acquisition of the first and second largest cryptocurrencies in terms of capitalization in relation to their market capitalizations.
The decision follows the SEC’s postponement of the verdict on applications to launch spot bitcoin ETFs from BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie until at least mid-October.
At that time, the Commission will still have the right to extend the review period until January, March, April and May 2024.
Earlier, Bitwise applied for a launch based on exchange-based futures on Ethereum. A week later, the company withdrew it.
Recall that after the legal victory of Grayscale in the case against the SEC, Bloomberg analysts James Seyffart and Eric Balciunas estimated the probability of launching a spot bitcoin ETF by the end of 2023 at 75%.
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