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Bitwise’s exchange-traded fund (ETF) tracking Bitcoin and Ether has obtained preliminary approval from the US Securities and Exchange Commission (SEC).
The “accelerated approval” grants NYSE Arca the ability to list and trade shares of the hybrid fund. In November 2024, the New York Stock Exchange filed a Form 19b-4 with the SEC.
“After careful review, the Commission finds that the Proposal is in accordance with the Exchange Act and rules and regulations.” The SEC approval noted that, specifically, the proposal aligns with the prevention of “fraudulent and manipulative acts and practices.”
The regulator has already permitted similar products filed by Hashdex and Franklin Templeton. Both indexes track spot Bitcoin and spot Ether directly. Hashdex’s Crypto Index ETF offers investors exposure to a slew of various cryptocurrencies, while the Franklin Crypto Index ETF will track the Institutional Digital Asset Index, designed to replicate the performance of Bitcoin and Ethereum.
Meanwhile, asset managers have filed a flurry of crypto-related ETF applications, including products tracking the value of Dogecoin and Litecoin. Bitwise itself has filed for a Dogecoin ETF in Delaware recently.
“Altcoin ETFs have real potential to attract capital, particularly if supported by innovation-friendly policies with the new U.S. administration,” James Toledano, Chief Operating Officer at Unity Wallet, told Cryptonews.
“However, their success may be less consistent compared to Bitcoin ETFs because of the seemingly episodic nature of interest in altcoins.”
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The SEC’s accelerated approval still requires the regulator’s clearance for its pending S-1 registration. The approvals of both Form 19b-4 and S-1 registration are essential before the fund can start trading on the exchange.
However, ETF specialists say that the move by the SEC is widely anticipated. “Even Gensler’s SEC would approve these,” stated Bloomberg senior analyst Eric Balchunas.
“That said, they permitted in 45 days vs waiting 240 days. I really want to interpret this as an indication the new SEC will be quicker but no way to know really,” he wrote on X.
The analyst also predicted that Litecoin approval would likely be next.
Expected but anticipated news. Even Gensler’s SEC would approve these. That said, they permitted in 45 days vs waiting 240 days. I really want to interpret this as an indication the new SEC will be quicker but no way to know really. Litecoin on deck, know more soon https://t.co/xqlXusHuyN
— Eric Balchunas (@EricBalchunas) January 31, 2025
The post US SEC Approves NYSE Arca’s Proposal to List Bitwise Joint Bitcoin and Ether ETF appeared first on Cryptonews.
