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- The U.S. SEC has not yet made a decision regarding the spot Bitcoin ETF applications submitted by various major firms.
- The company favors Ethereum over Bitcoin, as indicated by its CIO.
Bitwise Asset Management has revealed that it has revised its spot Bitcoin ETF application and that trading for two ETH futures ETFs will commence on October 2.
The Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF are set to begin trading shortly, according to the company. Additionally, Bitwise has stated that this adjustment will enable access to Ether futures on the Chicago Mercantile Exchange.
Matt Hougan, the chief investment officer of the firm, remarked:
“Ethereum provides a broader portfolio opportunity compared to Bitcoin. Some investors consider Ethereum as an alternative, while others view it as a traditional growth investment, incorporating characteristics of both.”
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All Eyes on SEC
Numerous firms that have been anticipating the approval of a Bitcoin ETF have also initiated efforts to develop an Ethereum ETF. The Invesco Galaxy Ethereum ETF, overseen by the asset management company Invesco, is reportedly in the works.
The U.S. SEC has yet to make a ruling on the spot Bitcoin ETF applications from several prominent firms. It recently postponed decisions on applications for significant spot Bitcoin ETFs, including those from BlackRock.
The timing of the SEC’s ruling on the approval of spot Bitcoin ETF applications may also be influenced by the outcome of the Grayscale litigation, which aims to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund. A U.S. judge dismissed the agency’s objections to the Grayscale spot Bitcoin ETF on August 29th, paving the way for its potential approval.
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