Bitwise Asset Management, a leading cryptocurrency investment firm, has announced that it will be launching two Ether futures exchange-traded funds (ETFs) on October 2nd. This move comes as the firm revises its spot Bitcoin ETF application.
The two ETFs, namely the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, will enable investors to gain exposure to Ethereum through Chicago Mercantile Exchange Ether futures. This is a significant step for Bitwise, as it expands its offerings beyond Bitcoin and recognizes the potential of Ethereum as a valuable investment opportunity.
Matt Hougan, the firm’s chief investment officer, highlights the broader portfolio opportunity that Ethereum presents compared to Bitcoin. He explains that some investors view Ethereum as an alternative investment, while others see it as a conventional growth opportunity that combines attributes of both types of investments.
Bitwise is not the only company venturing into the Ethereum ETF race. Invesco, another asset management company, is also exploring the possibility of introducing the Invesco Galaxy Ethereum ETF. The race for the approval of spot Bitcoin ETFs has intensified, with companies like BlackRock, Valkyrie, and Invesco awaiting a decision from the United States Securities and Exchange Commission (SEC).
However, the SEC has delayed making a decision on spot Bitcoin ETF applications, partly due to a looming U.S. government shutdown. The outcome of the Grayscale lawsuit, which supports the transformation of the Grayscale Bitcoin Trust into a Bitcoin ETF, might also influence the SEC’s decision-making process.
Meanwhile, Bloomberg analyst James Seyffart has revealed a roster of nine Ethereum Futures ETFs that are expected to receive expedited approval from the SEC for their launch on October 2nd, 2023.
The expansion of ETF offerings in the cryptocurrency market is a notable development, as it provides investors with new avenues to gain exposure to digital assets. As the market continues to evolve, it remains to be seen whether these ETFs will receive approval and attract significant investor interest.
