Bitwise To Launch Bitcoin Ethereum Strategy ETF On October 2
After having amended its application for the spot Bitcoin Exchange-Traded Fund (ETF), crypto asset management firm Bitwise Asset Management announced that trading for two of its Ethereum themed ETFs is set to begin on October 2, 2023.
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Bitwise Ethereum Based ETF Launch
The company announced that trading would begin for the Bitwise Ethereum Strategy ETF ($AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF ($BTOP). Bitwise said that with this, investors will be able to gain exposure to CME Ether futures through the widely popular and regulated ETF format “for the first time.” In a statement, the company’s CIO Matt Hougan said,
“The portfolio opportunity with Ethereum is broader than Bitcoin. Some investors consider Ethereum an alternative, while others see it as a traditional growth investment. It has elements of both.”
Several companies which are vying for the spot Bitcoin ETF approval have applied for the Ethereum ETF race. In a latest, CoinGape reported that asset management firm Invesco is also interested in launching the Invesco Galaxy Ethereum ETF.
Bitcoin ETFs: More Delays
Earlier, Bitwise was joined by the likes of Blackrock and Invesco in the list of firms who got a delay on decision from the U.S. Securities and Exchange Commission (SEC) around the Bitcoin ETF filings. This meant that the probability of a spot Bitcoin ETF approval in the year 2023 is almost zero. However, the Grayscale lawsuit verdict in favor of the conversion of Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF could turn out to be the game changer when the US SEC takes a decision sometime in 2024. On August 29, 2023, a US Court cleared the way for approval of the Grayscale spot Bitcoin ETF, rejecting the agency’s argument.
Meanwhile, James Seyffart, a Bloomberg analyst, shared the full list of 9 Ethereum Futures ETFs that will be given SEC accelerated approval to launch on Monday, October 2, 2023.
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