American stock exchange outfit NYSE Arca has submitted a 19b-4 filing on behalf of Bitwise Asset Management to list combined Bitcoin and Ethereum ETP products. As an asset manager with $11 billion in managed funds, this filing will deepen the exchange’s foothold in the crypto market.
According to the official announcement, the ETP will contain both Bitcoin and Ethereum on a market capitalization-weighted basis. Drawing on the context of the filing, the fund will hold both BTC and ETH, giving investors a balanced exposure to both assets.
Today, NYSE Arca filed to list a Bitwise ETP that would hold both spot bitcoin AND ether, weighted by market cap.
The goal: Give investors balanced exposure to the two largest crypto assets in the world in an easy-to-access format. pic.twitter.com/TcBpQM8OhW
— Bitwise (@BitwiseInvest) November 26, 2024
As the filing noted, the Form 19b-4 and S-1 registration statements officially places ETP request from Bitwise under consideration for approval from the US SEC. Bitwise is one of the fastest growing Crypto ETF issuers in the market. The firm crossed the $10 billion AUM – Assets Under Management earlier this month, adding another $1 billion in 10 days.
The firm is one of the early pioneers of spot Bitcoin and Etehreum Exchange Traded Funds in the crypto ecosystem. Beside the core ETF offering, Bitwise is also committed to ecosystem development.
As reported earlier by Coingape, the firm revealed it will support Starknet staking ofering featuring STRK tokens. As one of the core validators on Ethereum Beacon Chain, the asset manager said members of the ecosystem can delegate their STRK to its validator pool.
Beyond its strong affinity for Bitcoin and Ethereum, Bitwise is also one of the asset managers pushing for other crypto ETF products.
Its most recent filing was for Solana ETF which the firm submitted application for on November 19. Beyond Solana, the asset manager has also made a related move for XRP ETF with the US SEC.
Though the regulatory challenge holding the approval of crypto ETF filings is clearing with Donald Trump set to rule for four years, uncertainty still remains in determining the prospects of these new offerings.
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