After abandoning the futures application, Bitwise is optimistic about the pure Bitcoin ETF

Bitwise Asset Management has withdrawn its application for Bitcoin (Bitcoin) Futures Exchange Traded Funds (ETFs) and many of these products launched in the United States.

Bitwise Chief Investment Officer Matt Hougan is still optimistic about the spot Bitcoin ETF that aims to directly track Bitcoin while abandoning its futures-linked ETF. Announce November 10.

Hougan said that Bitwise’s spot filing is still intact, and the company will continue to work hard to launch such products in the United States:

“In the end, what many investors want is a spot Bitcoin ETF. We think this is possible. Therefore, Bitwise will continue to pursue this goal, and we will look for other ways to help investors gain huge opportunities in the crypto space.”

The CIO emphasized that the first Bitcoin ETF application ever submitted was a spot ETF from Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange.The application was submitted in 2013 Refuse Issued by the US Securities and Exchange Commission (SEC) in 2017. “For many years, many people have been working on this, including the team here,” he said.

Hougan went on to say “Any ETF is a big step”, referring to the fact that multiple Bitcoin futures ETFs have received SEC approved and started trading in OctoberHowever, there are many reasons why Bitwise tends to withdraw its application.

The executive quoted bitwise analysis Suggest The Bitcoin futures ETF contango-a situation where the futures price is higher than the spot price-will cause investors to lose 5% to 10% each year.

Afterthought famous According to reports, the BTC futures ETF has absorbed “all available capacity of futures commission merchants.” “Over time, this will ease, but for the time being, this adds another expense. The result? The cost above the cost, plus the added complexity,” he said.

related: BlockFi files for physically supported Bitcoin ETFs

The CIO emphasized, “This does not mean that futures-based ETFs are not good” and added that ProShares Bitcoin Strategy ETF with Valkyrie Bitcoin Strategy ETF It is the “thought-out version”.

As Cointelegraph previously reported, Bitwise applies for spot Bitcoin ETF In mid-October, it is planned to list the product on NYSE Arca, an electronic stock exchange.The application was made one month later by the company Archive Bitwise Bitcoin Strategy ETF in September.