Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity

Posted on by American Coins & Gold

Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity
Bitwise Asset Management has withdrawn the application for its Bitcoin Futures exchange traded fund (ETF) citing what it said are the cost and complexity of such ETFs and that the company will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. We think that’s possible,” Hougan said.The CIO added that,…