ProShares has withdrawn its proposal for a 2x leveraged Bitcoin ETF from the US SEC.

According to BlockBeats news on June 3rd, ProShares announced the withdrawal of its proposal for the ProShares UltraBitcoin Strategy ETF, a 2x leveraged Bitcoin trading platform ETF, but did not disclose the reason for the sudden withdrawal, which may be related to the ongoing review by the U.S. Securities and Exchange Commission (SEC). According to a report by digital asset research firm K33 Research, ProShares' Bitcoin futures trading platform ETF, BITO, performed poorly in the event of rising Bitcoin prices, mainly due to structural costs related to its futures contracts.