ProShares announced the withdrawal of its proposal for a 2x leveraged Bitcoin ETF

ChainCatcher news, ProShares announced that it will withdraw its proposal for the 2x leveraged Bitcoin exchange-traded fund (ETF) ProShares UltraBitcoin Strategy ETF. No reason has been disclosed for the sudden withdrawal. However, it may be related to the ongoing review by the U.S. Securities and Exchange Commission.

According to a report by digital asset research firm K33 Research, ProShares' Bitcoin futures exchange-traded fund (ETF) BITO has performed poorly amid rising Bitcoin prices, primarily due to structural costs associated with its futures contracts. (Source link)