SEC Approves New Bitcoin and Ethereum ETF
The U.S. Securities and Exchange Commission (SEC) has granted approval for another joint bitcoin and ether exchange-traded fund (ETF) on Thursday, allowing investors to gain exposure to both of these leading digital assets within a single regulated financial product. This decision marks a significant step forward in the evolving landscape of cryptocurrency investments.
In its announcement, the SEC revealed that it had granted accelerated approval to Bitwise’s Bitcoin and Ethereum ETF. This approval comes just over a month after similar products were approved from Hashdex and Franklin Templeton. The Hashdex Crypto Index ETF provides investors with exposure to a diversified basket of various cryptocurrencies, while Franklin Templeton plans to launch its own product in January.
Bitwise’s ETF, developed in partnership with the New York Stock Exchange (NYSE), allows investors to gain access to both spot bitcoin (BTC) and ethereum (ETH), with their allocation weighted according to market capitalization. The NYSE Arca submitted a 19b-4 filing with the SEC last November, paving the way for this innovative product.
In recent weeks, asset management firms have been actively submitting a multitude of crypto-related ETF applications, eager to capitalize on the anticipated regulatory leniency promised by the new U.S. administration under President Donald Trump. There has been a notable surge in applications for ETFs that track the prices of various cryptocurrencies, including popular memecoins like Dogecoin (DOGE) and other prominent tokens such as Solana (SOL).
Additionally, on the same day, Coinbase announced its intention to file for the listing and trading of futures products that would track the performance of Solana and Hedera, demonstrating the growing interest in diverse cryptocurrency trading options.
UPDATE (Jan. 31, 2025, 01:21 UTC): Additional details have been included.
