In a recent development, as per the S-1 filling document dated November 26, Bitwise Asset Management has submitted a proposal to the Securities and Exchange Commission (SEC) for a spot ETF based on Bitcoin and Ethereum. This step follows the approval and release of their Bitcoin ETF options product last week.
Being a significant Bitcoin ETF issuer with billions in assets, the firm intends to offer its customers a balanced exposure and more convenient access to the two largest cryptocurrencies in terms of market capitalization.
On the same day, NYSE Arca made a filing to list a Bitwise Exchange-Traded Product (ETP) that would hold both spot bitcoin and ether, with the weighting determined by market cap.
Bitcoin and Ethereum together represent over 70% of the current cryptocurrency market capitalizations, amounting to approximately $2.2 trillion. This fund is expected to provide investors with a recommended addition to their portfolios. These two major cryptocurrencies, which are the foundation for decentralized finance (DeFi) and are mainstream in the blockchain space, are predicted to be highly popular among investors.
CIO Matt Hougan stated in a press release, “Bitcoin and Ethereum are no more competitors than gold and tech stocks.”
Since the product’s launch earlier this year, the company behind the Bitcoin spot ETF has witnessed an inflow of up to $2.1 billion for their product (BITB), making it the fourth largest issuer and attracting billions in inflows.
The San Francisco-based company also participated in the trend set by BlackRock and Fidelity, launching an Ethereum spot ETF (ETHW) on the New York Stock Exchange in July 2024.
The total inflow for ETHW has now reached $390 million, trailing behind the Fidelity Ethereum Fund (FETH) with $707 million and the iShares Ethereum Trust ETF (ETHA) with $1.8 billion.
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