Asset management firm Bitwise has taken a significant step forward in the cryptocurrency market by filing with the United States Securities and Exchange Commission (SEC) to introduce a spot Ether (ETH) exchange-traded fund (ETF).
On March 28, Bitwise submitted a Form S-1 registration statement with the SEC, signaling its intention to list shares of its Ethereum ETF.
The filing arrives amidst ongoing speculation regarding the SEC’s stance on Ether’s regulatory classification, potentially impacting future listings of spot ETFs.
Bitwise plans to list shares of the ETH investment vehicle on NYSE Arca, as indicated by a 19b-4 amendment filing with the SEC.
Notably, the firm previously obtained SEC approval for listing and trading shares of its spot Bitcoin (BTC) ETF in January, underscoring its pioneering role in the crypto ETF space.
With the final SEC deadline for approving or denying the upcoming round of spot ETH ETF applications set for May 23, market observers await the regulatory verdict with keen interest. VanEck’s investment vehicle is among the initial applicants in line for consideration.
While optimism surrounded the prospects for approval in 2023, there are indications that the commission may adopt a more cautious approach in 2024, potentially affecting the fate of pending applications.
Several prominent firms, including Fidelity, Hashdex, and ARK 21Shares, have spot ETH ETF applications awaiting SEC review.
It’s worth noting that the SEC commenced approving investment vehicles linked to Ether futures in October 2023, highlighting the increasing mainstream acceptance of cryptocurrencies as investment assets.
