Bitwise Asset Management’s Exchange-Traded Product Tracking Bitcoin and Ethereum has received the first kink from the United States Securities and Exchange Commission.
According to January 30 update From the committee, the bitterly Bitcoin and Ethereum ETF knew his first regulatory obstacle after the application of 19B-4 “accelerated approval”. It is now waiting for the decision of the regulator about his S-1 registration, the final step before trade can begin.
An approval of 19B-4 enables a grant to sum up and trade a new financial product, while an S-1 registration is required to issue new effects to the public.
In November, BitWise submitted for the ETF in an attempt to offer investors’ exposure to Bitcoin and Ethereum within a single product. The fund is structured to follow the spot prices of Bitcoin and Ethereum, with assets movements based on their relative market capitalizations.
From the last application, the allocation was around 83% Bitcoin and 17% Ethereum. ETF will calculate these weightings by actively multiplying the circulating power supply by a price benchmark.
Although this is the first approval of the crypto ETP under the new SEC administration that is currently led by acting chairman Mark Udeya, it is the third joint Bitcoin and ETF to receive a green light from the regulator.
As the structure of the fund reflects previously approved products, such as the Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton, the submission was approved within the first deadline.
“The structure of the trust, the conditions of the operation and trade of its shares and the statements in the amended submission of the stock market are considerably comparable to those of the location Bitcoin and Spot Ether ETP proposals that have been approved in previous commissioner positions, “The sec wrote.
BitWise is currently waiting for approval for two other products, including a Dogecoin ETF for which it submitted an S-1 on January 29, and the Bitcoin Standard Corporations ETF that will invest in stocks of listed companies that have more than 1,000 BTC in their company treasuries .
Publisher hope that the new SEC under President Donald Trump will be more open to a broader range of crypto investment products. As such, companies have started exploring ETFs outside of Bitcoin and Ethereum.
Tuttle Capital, for example, has submitted a ten livered ETF products that follow a variety of altcoins, such as XRP (XRP), Solana (SOL), official Trump (Trump), Melania Meme (Melania), etc. submitted ETFs based on Altcoin.
