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Highlights
- Bitwise’s Bitcoin-Ethereum ETF approved by SEC, set for listing on NYSE Arca.
- The fund will offer exposure to Bitcoin (BTC) and Ethereum (ETH) with Coinbase custody.
- SEC’s approval reflects a shift toward greater acceptance of digital assets in traditional finance.
The U.S. Securities and Exchange Commission (SEC) has expedited the approval process for Bitwise Asset Management’s Bitcoin and Ethereum ETF, allowing it to be listed and traded on NYSE Arca. This approval marks a significant step in the growing acceptance of cryptocurrencies in traditional finance, as the SEC has recently approved other crypto-related investment products, such as ETFs from Nasdaq and Cboe BZX. This signals a shift in the regulatory landscape under the current administration's more industry-friendly stance toward digital assets.
The Bitwise Bitcoin and Ethereum ETF offers a hybrid structure, providing exposure to both Bitcoin (BTC) and Ethereum (ETH) in a single fund. According to the latest filing, the fund will allocate 83% to Bitcoin and 17% to Ethereum, based on market capitalization. The weighting will be adjusted by multiplying each asset’s pricing benchmark by its circulating supply. The fund’s net asset value will be updated daily at 4:00 p.m. ET, using real-time trade data aggregated from major exchanges. Coinbase will serve as the custodian for the fund’s holdings, ensuring the security and integrity of the assets.
Bitwise has been actively expanding its portfolio of cryptocurrency-based investment products, further solidifying its role as a key player in the crypto investment space. With this approval, the Bitwise Bitcoin and Ethereum ETF joins the ranks of other crypto-backed ETFs actively traded on U.S. stock exchanges, broadening access to digital assets for a wider audience. This move highlights the growing integration of cryptocurrencies into mainstream financial markets, offering more avenues for exposure to these digital assets.
