Cryptocurrency News

Bitwise announces Ethereum ETF’s launch on October 2

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Bitwise Asset Management has revised its spot Bitcoin Exchange-Traded Fund (ETF) application and has confirmed that trading for two Ethereum-focused ETFs will commence on October 2, 2023. This decision comes after having amended its application for the spot Bitcoin ETF.

The firm has revealed that trading is scheduled to commence for the Bitwise Ethereum Strategy ETF ($AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF ($BTOP). Bitwise stated that this move will enable investors to access CME Ether futures within the widely embraced and regulated ETF framework, marking a significant milestone.

According to the firm’s Chief Investment Officer, Matt Hougan, in a statement, he remarked,

“Ethereum offers a more extensive portfolio opportunity compared to Bitcoin. Some investors view Ethereum as an alternative, while others perceive it as a conventional growth investment, encompassing attributes of both.”

Numerous companies competing for the approval of a spot in Bitcoin ETF have also entered the Ethereum ETF race. In a recent development, Cointelegraph noted that asset management company Invesco is also exploring the possibility of introducing the Invesco Galaxy Ethereum ETF.

Previously, Bitwise, along with BlackRock and Invesco, was among the companies that received a delay in the decision from the U.S. Securities and Exchange Commission (SEC) regarding their Bitcoin ETF applications. As a result, the likelihood of a spot Bitcoin ETF receiving approval in 2023 appears extremely low.

Related: Valkyrie backtracks on Ether futures contract purchases until ETF launch

Nonetheless, the outcome of the Grayscale lawsuit, which supports the transformation of Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF, might significantly influence the situation when the U.S. SEC makes its decision, expected in 2024. On August 29, 2023, a U.S. Court paved the path for the approval of the Grayscale spot Bitcoin ETF by dismissing the agency’s objections.

In the interim, Bloomberg analyst James Seyffart has disclosed the complete roster of 9 Ethereum Futures ETFs that are slated to receive expedited approval from the SEC for their launch on Monday, October 2, 2023.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?