Bitwise Asset Management has become the latest firm to pull back on a proposal for a Bitcoin ETF.

The company withdrew the prospectus for its Bitwise Bitcoin ETF Trust on Wednesday, according to Matt Hougan, Bitwise global head of research

“This is the next step towards our long term goal of bringing a Bitcoin ETF to market, and we plan to re-file our application at an appropriate time. We are currently working hard on answering the questions that the SEC raised in its 112-page response to our initial filing,” wrote Hougan in a Wednesday email to Financial Advisor. “We remain fully committed to the development of a Bitcoin (exchange traded product).”

After the firm applied for ETF registration in January 2019, the SEC rejected Bitwise’s ETF proposal in October, later agreeing to review its decision.

Bitwise's decision comes as it releases the results of a recent study showing growing interest in cryptocurrency assets among advisors.

In September 2019, Van Eck and SolidX withdrew their own proposal for the VanEck SolidX Bitcoin Trust ahead of a deadline for approval or rejection by the SEC, after the Commission had delayed a decision on the ETF several times.

One pending proposal for a multi-asset Bitcoin and U.S. T-Bills ETF from Wilshire Phoenix remains, with a Feb. 26 deadline for SEC approval or rejection.