Bitwise Asset Management has announced that it has updated its spot Bitcoin exchange-traded fund (ETF) application and confirmed the start date for trading two Ether futures ETFs on October 2nd. This move comes as several companies are awaiting approval for both Bitcoin and Ethereum ETFs.
The two ETFs that will be available for trading are the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF. The purpose of these ETFs is to allow investors to access Chicago Mercantile Exchange Ether futures.
The Chief Investment Officer of Bitwise, Matt Hougan, highlighted the potential of Ethereum as an alternative investment option with a more extensive portfolio opportunity compared to Bitcoin. He stated, “Some investors view Ethereum as an alternative, while others perceive it as a conventional growth investment, encompassing attributes of both.”
It is important to note that Bitwise, along with other major players like BlackRock, Invesco, and Valkyrie, are still awaiting approval for their spot Bitcoin ETF applications. The United States Securities and Exchange Commission (SEC) has delayed its decision on these applications due to a potential government shutdown.
In addition to this, the outcome of the Grayscale lawsuit, which supports the transformation of the Grayscale Bitcoin Trust into a Bitcoin ETF, could also impact when the SEC makes its decision on spot Bitcoin ETF applications.
Meanwhile, Bloomberg analyst James Seyffart has disclosed that nine Ethereum futures ETFs are set to receive expedited approval from the SEC for their launch on October 2, 2023.
Overall, the introduction of these ETFs is significant as it provides investors with more options to invest in cryptocurrencies through regulated and accessible channels. As the ETF market continues to expand, it remains to be seen how these developments will shape the future of cryptocurrency investment and regulation.
