By updating its spot Bitcoin exchange-traded fund (ETF) application and announcing the beginning of trading for two Ethereum futures ETFs on October 2nd, Bitwise Asset Management is making big steps in the cryptocurrency investment industry.
By launching the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, the company will give investors access to ether futures on the Chicago Mercantile Exchange (CME). This action illustrates how Ethereum is becoming increasingly valued as a resource inside the cryptocurrency ecosystem.
Matt Hougan, Chief Investment Officer at Bitwise, highlighted the appeal of Ethereum’s broader portfolio opportunities compared to Bitcoin. He noted that some investors see Ethereum as an alternative investment, while others view it as a traditional growth asset, combining the characteristics of both.
In the race to offer cryptocurrency ETFs, several companies are seeking approval, not only for Bitcoin ETFs but also for Ethereum ETFs. Invesco, a prominent asset management firm, is among those exploring the possibility of launching the Invesco Galaxy Ethereum ETF.
![Bitwise to launch First Ethereum ETF on October 2nd image 235](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/09/image-235.png?resize=859%2C507&ssl=1)
![Bitwise to launch First Ethereum ETF on October 2nd image 235](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/09/image-235.png?resize=859%2C507&ssl=1)
However, regulatory processes in the United States have been complex, with the U.S. Securities and Exchange Commission (SEC) delaying decisions on spot Bitcoin ETF applications. This delay has been exacerbated by the potential for a government shutdown, adding uncertainty to the approval timeline.
The outcome of the Grayscale lawsuit is another factor influencing the SEC’s decision regarding spot Bitcoin ETFs. The lawsuit seeks to transform the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. A U.S. court ruling on August 29 cleared the path for the approval of the Grayscale spot Bitcoin ETF by dismissing the SEC’s objections.
Meanwhile, Bloomberg analyst James Seyffart has provided insights into the imminent launch of nine Ethereum Futures ETFs, all slated to receive expedited approval from the SEC, with a planned launch date of October 2, 2023. This development signifies the growing interest in offering ETFs related to Ethereum and underscores the evolving landscape of cryptocurrency investments.
Bitwise’s move to introduce Ethereum futures ETFs aligns with the expanding demand for diverse investment options in the cryptocurrency market. As investors increasingly recognize the value and potential of digital assets beyond Bitcoin, offerings like the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF can play a vital role in meeting these demands.
ALSO READ
- Invesco Galaxy Joins Growing List of Firms Seeking Spot Ether ETF Approval
- SEC Delays Spot Bitcoin ETF Decisions Again