Bitwise Asset Management has made revisions to its spot Bitcoin (BTC) exchange-traded fund (ETF) application and announced that trading for two Ether (ETH) futures ETFs will begin on October 2. The Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF will provide access to Chicago Mercantile Exchange Ether futures. The move is aimed at offering investors a broader range of investment opportunities compared to Bitcoin, as some perceive Ethereum as an alternative asset while others see it as a growth investment with attributes of both. Several other companies, including Invesco, are also vying for approval for their own Ethereum ETFs.
Previously, Bitwise, BlackRock, and Invesco faced delays from the U.S. Securities and Exchange Commission (SEC) regarding their Bitcoin ETF applications. As a result, the chances of a spot Bitcoin ETF being approved in 2023 are slim. However, the outcome of the Grayscale lawsuit, which supports the transformation of Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF, could significantly impact the decision when the SEC makes its ruling in 2024. The recent court ruling in favor of Grayscale has opened the door to potential approval for a spot Bitcoin ETF. In the meantime, Bloomberg analyst James Seyffart has disclosed a list of nine Ethereum Futures ETFs expected to receive expedited approval for launch on October 2.
In conclusion, Bitwise Asset Management has revised its Bitcoin ETF application and announced the launch of two Ether futures ETFs. With the aim of providing investors with more diverse investment opportunities, the ETH ETFs will enable access to Chicago Mercantile Exchange Ether futures. While a spot Bitcoin ETF approval appears unlikely in 2023, the outcome of the Grayscale lawsuit could influence the SEC’s decision in 2024. In the meantime, several Ethereum Futures ETFs are set to receive expedited approval for launch.