Bitwise asset management announced the launch of two Ethereum-based ETFs (Exchange Traded Funds), joining the growing list of asset managers looking to create Ethereum-based futures products after the SEC gave them the green light.
The two funds will be called the Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP). Bitwise said the launch of these ETFs will facilitate investor access to the Chicago Mercantile Exchange (CME) Ether futures and further expand regulated and trusted investment opportunities in the crypto sector.
Ethereum futures ETFs
Bitwise chief investment officer Matt Hougan noted the expanded portfolio options that Ethereum offers compared to Bitcoin, describing it as a mix of alternative and conventional growth investments. He added:
“Some investors view Ethereum as an alternative, while others see it as a conventional growth investment, encompassing features of both.”
The launch comes as Ethereum continues to establish itself as a hub of innovation and growth. It spawns an ecosystem that thrives with applications and developments, capturing the attention of millions of users and leading brands.
Highlighting Ethereum’s dynamic growth and the momentum it is gaining, Bitwise CEO Hunter Horsley said the ETFs are intended to serve as a gateway for investors to participate in Ethereum’s growing landscape through regulated avenues that inspire confidence.
Wider landscape
The start of trading in Bitwise’s ETFs is part of a larger trend, with numerous companies, including Invesco and Valkyrie, exploring Ethereum ETF offerings in anticipation of approval for spot Bitcoin ETFs.
The US SEC’s decisions on these applications are highly anticipated, with outcomes potentially influenced by related developments such as the Grayscale lawsuit.
The crypto community is keeping a close eye on what the SEC does, as approval decisions from the watchdog are poised to shape the trajectory of crypto investing in the US in the coming years.
Notably, Bloomberg analyst James Seyffart revealed that nine Ethereum Futures ETFs, including Bitwise’s, will receive accelerated approval from the SEC for their launch on Monday, October 2, 2023.
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