Bitwise Asset Management has made revisions to its application for a spot Bitcoin exchange-traded fund (ETF) and has announced that two Ether futures ETFs will start trading on October 2. The Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF will allow investors to access Chicago Mercantile Exchange Ether futures. According to the firm’s chief investment officer, Matt Hougan, Ethereum presents a wider range of investment opportunities compared to Bitcoin because it is perceived as both an alternative investment and a conventional growth asset. Several other companies, including Invesco, are also seeking approval for their Ethereum ETF applications.
Bitwise, BlackRock, Invesco, and Valkyrie are still awaiting approval for their spot Bitcoin ETF applications from the United States Securities and Exchange Commission (SEC). The SEC has postponed making a decision due to an imminent government shutdown. The outcome of the Grayscale lawsuit, which supports the transformation of the Grayscale Bitcoin Trust into a Bitcoin ETF, may also influence the SEC’s decision on approving spot Bitcoin ETF applications. A recent court ruling cleared the way for the approval of the Grayscale spot Bitcoin ETF by dismissing the objections raised by the agency. Additionally, Bloomberg analyst James Seyffart has disclosed a list of nine Ethereum Futures ETFs that are expected to receive expedited approval for their launch on October 2, 2023.
In summary, Bitwise Asset Management has revised its Bitcoin ETF application and announced the launch of two Ether futures ETFs. Other companies, such as Invesco, are also competing in the Ethereum ETF race. Approval for spot Bitcoin ETF applications from Bitwise, BlackRock, Invesco, and Valkyrie is still pending, with the SEC delaying its decision due to a potential government shutdown. The outcome of the Grayscale lawsuit and the imminent launch of nine Ethereum Futures ETFs may further impact the SEC’s decision-making process.