Additionally, Bitcoin futures ETFs had already consumed all available capacity at futures commission merchants. The company’s CEO said this could ease over time. However, it’s another expense at the moment.
“The result? Costs on top of costs, plus added complexity,” he said.
SEC keeps refusing these products requests
ProShares (BITO) and Valkyrie (BTF) were the first to get futures ETFs accepted by the Securities and Exchange Commission. They started trading in October, offering investors wider exposure to Bitcoin without actually holding the coin.
“None of this means that futures-based ETFs are bad, and $BITO and $BTF are thoughtful versions,” Hougan said.
“But we believe most long-term investors would be better served by spot exposure.”
Bitwise added it would aim for a spot Bitcoin ETF. The company filed for a Bitcoin spot ETF on Oct.14 with the New York Stock Exchange, according to another Twitter post from Hougan.
“Ultimately, what many investors want is a spot bitcoin ETF. We think that’s possible,” Hougan said.
