Bitwise Asset Management Gain Fast Track SEC Approval for ETH ETF Starting 2nd October

Bitwise Asset Management has amended its spot Bitcoin exchange-traded fund (ETF) application, with trading for two Ether futures ETFs slated to begin on October 2nd. This endeavor will kickstart the trading for the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF. According to Bitwise, the introduction of these ETFs will pave the way for investors to tap into the opportunities provided by the Chicago Mercantile Exchange Ether futures.

Matt Hougan, the firm’s Chief Investment Officer, highlighted the unique investment perspective of Ethereum, stating, “Ethereum provides a more expansive portfolio opportunity compared to Bitcoin. It is perceived by various investors as either an alternative or a mainstream growth investment, incorporating characteristics of both.” The Ethereum ETF arena is witnessing increased interest from various companies currently in line for a spot Bitcoin ETF approval. A noteworthy development is the exploration by Invesco, another asset management company, of the possibility of launching the Invesco Galaxy Ethereum ETF.

However, a sense of anticipation hovers as Bitwise, along with BlackRock, Greyscale and Valkyrie, are awaiting the approval for their spot Bitcoin ETF applications from the United States Securities and Exchange Commission (SEC). The SEC’s decision is currently in limbo, with concerns about a potential U.S. government shutdown complicating the situation. The unfolding developments around the Grayscale lawsuit may also play a crucial role in determining the SEC’s decision timeline for approving spot Bitcoin ETF applications. This lawsuit aims to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. A pivotal moment occurred on August 29th when a U.S. court cleared the way for Grayscale spot Bitcoin ETF by overcoming the agency’s objections. Furthermore, James Seyffart, an analyst at Bloomberg, revealed that nine Ethereum Futures ETFs are on track to receive fast-tracked approval from the SEC, aligning with their launch scheduled for October 2, 2023.