Bitwise Asset Management recently updated its application for a spot Bitcoin exchange-traded fund (ETF), additionally confirming the launch of two Ether futures ETFs on October 2. These two ETFs named the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF are aimed at investors interested in accessing the Chicago Mercantile Exchange Ether futures.
Chief Investment Officer of Bitwise, Matt Hougan, described Ethereum as offering a more comprehensive portfolio opportunity compared to Bitcoin. He said that it is viewed both as an alternative and a traditional growth investment by different investors with attributes of both.
Other companies are also diving into the Ethereum ETF market. Invesco, an asset management company, for instance, is reportedly considering the introduction of the Invesco Galaxy Ethereum ETF. However, alongside Bitwise, it’s also with BlackRock, Invesco, and Valkyrie, awaiting approval for their respective spot Bitcoin ETF applications from the US Securities and Exchange Commission (SEC).
A potential US government shutdown has been cited as a reason for the SEC’s delay in approving the applications. The results of a lawsuit involving Grayscale, which aspires to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF, could also affect the SEC’s decision. Notably, a US court recently knocked back the agency’s objections, which could pave the way for Grayscale’s spot Bitcoin ETF approval.
There’s also an expected fast-tracking of nine Ethereum Futures ETFs by the SEC, according to Bloomberg analyst James Seyffart. These ETFs are set to launch on October 2, 2023.