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This Is Why Bitwise Withdrew BTC Futures ETF
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cryptonews.comThe crypto index fund provider Bitwise Asset Management says it has withdrawn its application for a bitcoin (BTC) futures-backed exchange-traded fund (ETF) in the US, and will instead focus its efforts on getting a spot-based ETF across the finish line.
According to Bitwise’s chief investment officer Matt Hougan, the firm’s proposal for a futures-based ETF was withdrawn because of “added complexity” and higher than expected costs associated with such an ETF.
In a Twitter thread on Wednesday, Hougan went into detail on the firm’s decision. He explained that they initially thought the benefits of a futures ETF in terms of convenience and accessibility would outweigh the costs of contango, referring to the phenomenon that longer-dated futures
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