Bitwise decided to withdraw its Bitcoin ETF application

[Baofeng]

January 14, 2020

VIA EDGAR CORRESPONDENCE
 

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

 
Re:    

Withdrawal of Registration Statement on Form S-1

Bitwise Bitcoin ETF Trust (File No. 333-229180)

 

Ladies and Gentlemen:

 

Pursuant to Rule 477 of the Securities Act of 1933 (the “Act”), Bitwise Bitcoin ETF Trust (the “Registrant”) respectfully requests the withdrawal of the Registrant’s registration statement on Form S-1 (Reg. No. 333-229180) (the “Registration Statement”). The Registration Statement was initially filed with the Securities and Exchange Commission (the “Commission”) on January 10, 2019. The Registrant understands that, pursuant to Rule 477(b) of the Act, this application for withdrawal will be deemed granted at the time filed with the Commission unless, within 15 calendar days after the filing, the Commission notifies the Registrant that the application for withdrawal has not been granted.

 

At this time, the Registrant has determined not to pursue the registration and sale of the securities covered by the Registration Statement. The Registrant believes that this withdrawal request is consistent with the public interest and protection of investors as required by Rule 477(a) of the Act and represents, in accordance with Rule 477(c) of the Act, that there has been no issuance, distribution or sale of the securities under the Registration Statement.

https://sec.report/Document/0001493152-20-000557/

So it seems that Bitwise also withdraw their application to SEC for a Bitcoin ETF. Perhaps they know that it has a slim chance to be approved, as the market is really 'prone to manipulation', just saying.

[1714841373]

1714841373

[1714841373]

1714841373

[stomachgrowls]

So it seems that Bitwise also withdraw their application to SEC for a Bitcoin ETF. Perhaps they know that it has a slim chance to be approved, as the market is really 'prone to manipulation', just saying.

Not the first time on being rejected https://www.theblockcrypto.com/post/42711/bitwises-bitcoin-etf-the-last-hope-has-been-denied

So they do realize that they are just wasting off their time trying to push for approval? We already been talking this ETF for how many years
and they do just keep on giving out reasons just to move dates.So these kind of news arent really that surprising.

[hello_good_sir]

Yeah. What's the point of wasting your time and legal resources if you know that there is very little chance that it's ever going to get approved?

This is honestly the wisest thing to do (no puns intended) in this situation. Free up your resources and don't lock your company's future in with a single application which can be denied in a heartbeat, and has been consistently denied.

The wider markets should expect around the same as well. Don't expect an ETF approval. That would be a black swan event, and if the SEC had any intentions to approve one, they would have done so a long time ago with all the applications.

[Jating]

So it seems that Bitwise also withdraw their application to SEC for a Bitcoin ETF. Perhaps they know that it has a slim chance to be approved, as the market is really 'prone to manipulation', just saying.

Not the first time on being rejected https://www.theblockcrypto.com/post/42711/bitwises-bitcoin-etf-the-last-hope-has-been-denied

So they do realize that they are just wasting off their time trying to push for approval? We already been talking this ETF for how many years
and they do just keep on giving out reasons just to move dates.So these kind of news arent really that surprising.

Correct, wasting their time and money for an approval that won't happen in the future.

So it's better to withdraw their applications, but I don't know what it took them about a year to realised that though. Maybe they thought that an imminent approval is coming, lol. Unless they can bribe SEC, which is unlikely, we won't see any bitcoin ETF approval in the horizon.

[1Referee]

Perhaps they know that it has a slim chance to be approved, as the market is really 'prone to manipulation', just saying.

I would say their odds of having an ETF approved are just barely above 0%.

Vaneck's "limited ETF" trust has not gained a single penny in capital inflow in months (still just 64BTC in the trust); https://www.vaneck.com/institutional/bitcoin-144a/overview

That to me is an indication that there doesn't seem to be all that much latent institutional demand for these instruments. Institutions are fine trading CME futures back and forth, or else just stick to GBTC. Plenty of ways to gain exposure to Bitcoin.

[Twinkledoe]

Perhaps they know that it has a slim chance to be approved, as the market is really 'prone to manipulation', just saying.

I would say their odds of having an ETF approved are just barely above 0%.

Vaneck's "limited ETF" trust has not gained a single penny in capital inflow in months (still just 64BTC in the trust); https://www.vaneck.com/institutional/bitcoin-144a/overview

That to me is an indication that there doesn't seem to be all that much latent institutional demand for these instruments. Institutions are fine trading CME futures back and forth, or else just stick to GBTC. Plenty of ways to gain exposure to Bitcoin.

Because they know that the chance is almost zero to getting approved, better withdraw rather than wasting their resources. Smart move! They will apply again once they know that the probability is on their favor. It is only a matter of time. And to be honest, very few are now interested on this ETF thing as crypto life goes on even without them.

[srcarreira]

Perhaps they know that it has a slim chance to be approved, as the market is really 'prone to manipulation', just saying.

I would say their odds of having an ETF approved are just barely above 0%.

Vaneck's "limited ETF" trust has not gained a single penny in capital inflow in months (still just 64BTC in the trust); https://www.vaneck.com/institutional/bitcoin-144a/overview

That to me is an indication that there doesn't seem to be all that much latent institutional demand for these instruments. Institutions are fine trading CME futures back and forth, or else just stick to GBTC. Plenty of ways to gain exposure to Bitcoin.

Because they know that the chance is almost zero to getting approved, better withdraw rather than wasting their resources. Smart move! They will apply again once they know that the probability is on their favor. It is only a matter of time. And to be honest, very few are now interested on this ETF thing as crypto life goes on even without them.

As crypto field is getting more mature all shill and gamble companies are getting closed.
There are a lot of trustworthy fresh companies with great technologies that will bring useful products to the world and a lot of value to early investors.
Why bother yourself investing in almost useless etf thing

[TheUltraElite]

Were we not out of the ETF craze that came in last year around this time? he bitcoin discussion section was filled with "ETF next" "ETF to moon" threads and then all of a sudden it died out slowly as CBOE and CME backed out. They are now going for options markets. In a way they are looking to cash in this new unregulated market for those who want to risk their money.

But an ETF was far from coming into reality and we all knew that since that time. We would have to have a closely regulated market for that. With OTC deals being very popular and people offshoring crypto to fiat who knows how much even the real marketcap of bitcoin is. Though for any type of ETF the SEC has to comply and they are far from that.