Bitwise Asset Management has withdrawn its Bitcoin ETF application. The company has reportedly told the US Securities and Exchange Commission (SEC) it has made this decision in order to be "consistent with the public interest and protection of investors."
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Bitwise's global head of research at Bitwise, Matt Hougan, said:
"We did indeed withdraw the application. This is a procedural step, and we intend to refile our application at an appropriate time."
According to him, the company is "working hard" to answer the questions the SEC has asked in the 112-page response to its application and remains "fully committed to the development of a Bitcoin ETF."
The company filed its Bitcoin ETF proposal back in January 2019. However, the regulator rejected the application in October and the following month said it would reconsider the proposal. However, the SEC did not give a time frame.
This is not the first time a firm decides to withdraw its application to launch a Bitcoin ETF. For instance, in September 2019 VanEck and SolidX withdrew their proposals.