Bitwise Asset Management has made significant moves in the world of cryptocurrency investment by revising its application for a spot Bitcoin (BTC) exchange-traded fund (ETF).
Additionally, the company has announced that trading for two Ethereum (ETH) futures ETFs will kick off on October 2nd, marking an important milestone in the evolving crypto landscape.
The two ETFs set to launch are the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
These ETFs will provide investors with access to the Chicago Mercantile Exchange’s Ether futures market, opening up new avenues for diversification and trading opportunities.
Bitwise’s Chief Investment Officer, Matt Hougan, emphasized the unique potential of Ethereum in the crypto market.
He stated that Ethereum offers a more expansive portfolio opportunity compared to Bitcoin.
While some investors view Ethereum as an alternative investment, others see it as a conventional growth asset with a blend of characteristics from both categories.
Bitwise’s move into the Ethereum ETF space comes as several other companies await approval for their spot Bitcoin ETF applications from the United States Securities and Exchange Commission (SEC).
Notable contenders include BlackRock, Invesco, and Valkyrie.
READ MORE: New U.S. Bill Proposes Enhanced Oversight for Cryptocurrency Transactions
However, the SEC has delayed its decision-making process, partly due to the looming possibility of a U.S. government shutdown and the uncertainty surrounding the Grayscale lawsuit.
The Grayscale lawsuit pertains to the transformation of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. A U.S. court’s decision on August 29th paved the way for potential approval of the Grayscale spot Bitcoin ETF by dismissing the SEC’s objections.
The outcome of this lawsuit could significantly influence the SEC’s stance on approving spot Bitcoin ETF applications.
In a related development, Bloomberg analyst James Seyffart has disclosed that nine Ethereum Futures ETFs are set to receive expedited approval from the SEC, with a launch date slated for Monday, October 2, 2023.
This signals a growing interest in Ethereum-based investment products and demonstrates the crypto market’s continued evolution.
In summary, Bitwise Asset Management’s revised ETF application and the upcoming launch of Ethereum futures ETFs mark significant developments in the crypto investment landscape.
As regulatory approvals and legal decisions unfold, the industry is poised for further growth and diversification.
Other Stories:
French Authorities Conduct Surprise Raid on Nvidia’s Offices Amid Antitrust Inquiry
NFT Artist Raises £114,000 at Edinburgh Charity Event to Support Cancer Treatment
