Bitwise launches Ethereum ETFs after SEC greenlights them

Bitwise launches Ethereum ETFs after SEC greenlights them

Bitwise Asset Management announced the launch of two ETFs based on Ethereum, joining the expanding list of asset managers looking to create Ethereum-based futures products after the SEC greenlit them.

The two funds will be called the Bitwise Ethereum strategy ETF and the Bitwise Bitcoin and Ether Equalweight strategy ETF. Bitwise said the introduction of these ETFs would enhance investor access to Chicago Mercantile Exchange ether futures and further expand regulated and trusted investment avenues in the crypto industry.

Bitwise's chief investment officer, Matt Hougan, emphasised the extensive portfolio opportunity Ethereum offers compared to Bitcoin, calling it a blend of alternative and conventional growth investment. He added: He added: ''I don't think we'll ever have a crisis,'' opportunely.

The launch comes as Ethereum continues to expand as a hub for innovation and growth. The ecosystem is thriving with applications and developments, capturing the attention of millions of users and leading brands.

Bitwise CEO Hunter Horsley emphasised Ethereum's dynamic growth and momentum it's gaining, saying the ETFs are intended to be a gateway for investors to participate in Ethereum's expanding landscape through regulated avenues that inspire confidence.

Bitwise's trading for ETFs is part of a larger trend, with numerous firms, such as Invesco and Valkyrie, exploring Ethereum ETF offerings while awaiting approval for spot Bitcoin ETFs.

The decisions by the U.S. SEC on these applications are highly anticipated, with outcomes potentially influenced by related developments like the Grayscale lawsuit.

The crypto community is captivated by what the SEC is doing, as approved decisions by the watchdog are poised to shape the trajectory of crypto investments in the U.S. for years to come.

In addition, Bloomberg's James Seyffart revealed that nine Ethereum Futures ETFs, including Bitwise's, are set to receive faster approval from the SEC for their launch on Monday, October 2, 2023.