Bitwise Asset Management, a prominent player in the Bitcoin ETF space, has submitted a proposal for a Bitcoin-Ethereum tied spot ETF to the U.S. Securities and Exchange Commission (SEC). The filing, submitted on November 26, follows the recent approval of Bitwise’s Bitcoin ETF options product, which began trading last week.
This new ETF proposal aims to provide investors with balanced exposure to Bitcoin and Ethereum, the two dominant cryptocurrencies, which together make up more than 70% of the total cryptocurrency market capitalization, currently valued at around $2.2 trillion. The product would offer an easy entry point for investors seeking to diversify their crypto portfolios with these leading digital assets.
Matt Hougan, Chief Investment Officer of Bitwise, emphasized that Bitcoin and Ethereum are complementary rather than competitive assets. “Bitcoin and Ethereum aren’t competitors any more than gold and tech stocks are competitors,” he stated in a press release.
Bitwise’s track record in the Bitcoin ETF space has been impressive. Since launching their Bitcoin spot ETF (BITB) in January 2024, the firm has seen significant success, with the product attracting $2.1 billion in inflows, making Bitwise the fourth-largest issuer of Bitcoin ETFs in the market.
Additionally, Bitwise joined other major financial firms like BlackRock and Fidelity in launching an Ethereum spot ETF (ETHW) in July 2024, further cementing its position as a leading crypto ETF provider. The Ethereum product has accumulated $390 million in inflows, ranking it behind Fidelity’s Ethereum Fund (FETH) with $707 million and iShares Ethereum Trust ETF (ETHA) with $1.8 billion in assets.
The proposed Bitcoin-Ethereum ETF is expected to attract substantial investor interest, capitalizing on the growing demand for crypto-based financial products that offer diversified exposure to the top cryptocurrencies.
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