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Bitwise Is Latest to Nix Bitcoin Futures ETF Plan Over Costs

  • Expense of rolling futures exposure eats into returns
  • Invesco also dropped its pursuit of a futures ETF last month
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Another investment firm is tapping the brakes on a futures-backed Bitcoin exchange-traded fund as expensive roll costs loom large. 

Bitwise Asset Management is dropping its application to list a Bitcoin futures ETF, while keeping its filing for a physically backed fund, Chief Investment Officer Matt Hougan tweeted Wednesday. That follows a similar move by Invesco Ltd., which announced it wouldn’t pursue its futures-based ETF just hours before the first one launched last month.