Bitwise Asset Management, a crypto asset management firm, has announced that trading for its Ethereum themed ETFs will begin on October 2, 2023. The two ETFs are the Bitwise Ethereum Strategy ETF ($AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF ($BTOP). This move will allow investors to gain exposure to CME Ether futures through a regulated ETF format for the first time.
Matt Hougan, the company’s CIO, stated in a press release that Ethereum offers a broader portfolio opportunity compared to Bitcoin. Some investors see Ethereum as an alternative investment, while others view it as a traditional growth investment. Hougan believes that Ethereum incorporates elements of both, making it an attractive option for investors.
Bitwise is not the only company showing interest in launching Ethereum ETFs. Invesco, another asset management firm, has also expressed its intentions to launch the Invesco Galaxy Ethereum ETF. It seems that many companies are vying for the approval of Ethereum ETFs, similar to the ongoing race for a Bitcoin ETF.
On the other hand, the approval of a spot Bitcoin ETF seems unlikely in 2023. Bitwise, along with Blackrock and Invesco, faced delays on their Bitcoin ETF filings from the U.S. Securities and Exchange Commission (SEC). However, the recent verdict in favor of converting the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF could potentially be a game changer. This ruling clears the way for the approval of the Grayscale spot Bitcoin ETF, which could influence the SEC’s decision in 2024.
In the midst of these developments, Bloomberg analyst James Seyffart shared a list of nine Ethereum Futures ETFs that will receive accelerated approval from the SEC to launch on October 2, 2023. This indicates a growing interest in Ethereum as an investment vehicle.
Overall, the launch of Bitwise’s Ethereum ETFs marks a significant step in the crypto industry. It provides investors with a new opportunity to access the potential of Ethereum through a regulated and established ETF format. While the future of Bitcoin ETFs remains uncertain, the race for Ethereum ETFs seems to be heating up. Investors will be keeping a close eye on these developments as the crypto market continues to evolve.
