Bitwise Withdraws Bitcoin & Ethereum ETF Filing, Focuses on HYPE Tokens
- Bitwise has formally withdrawn its S-1 registration statement for a proposed Bitcoin & Ethereum ETF.
- The withdrawal was submitted via a Form RW filing to the US SEC, citing that no shares were sold or to be sold.
- Bitwise’s existing funds include the Bitwise Bitcoin ETF (BITB) with $2.45 billion AUM and the Bitwise Ethereum ETF (ETHW) with $198 million AUM.
- Amid this change, Bitwise purchased an additional 77,097 HYPE tokens worth $5.18 million, now making HYPE its fourth largest holding.
- The newly launched Hyperliquid ETF has seen $171.81 million in net inflows, contrasting with outflows in traditional Bitcoin and Ethereum ETFs.
The decision to withdraw from the Bitcoin & Ethereum ETF market appears influenced by rising competition and a strategic pivot towards Hyperliquid (HYPE). This focus is underscored by significant investments into HYPE tokens amid growing interest from Wall Street.
With the recent purchase of HYPE tokens, which have increased nearly by almost 20% to $73.70 over the past week, Bitwise is positioning itself strongly in the evolving crypto landscape.(Source)
