Published
4 weeks ago on
March 28, 2024
Investment firm Bitwise filed an application on March 28 with the SEC to launch a spot-based Ethereum ETF. This follows a similar filing by Fidelity earlier in the week.
In contrast to several rivals, Bitwise does not address staking in its filing—a practice that the SEC has already examined. The company claims that by incorporating a correlation analysis “substantially similar” to what persuaded the SEC to approve spot Bitcoin ETFs, its
application answers the concerns raised by the SEC.
Most accurate illustration of current ETH spot/CME correlation I've seen thus far from an issuer. Matches up closely with what we calculated (though different sample periods). Bitwise on the left. This is strong.https://t.co/G0OEBslg28 pic.twitter.com/jnUQE0wPil
— Scott Johnsson (@SGJohnsson) March 28, 2024
According to the 19b-4 filing ,Bitwise intends to list the ETF on the NYSE, similar to its existing Bitcoin ETF. Although Bitwise’s original registration lacked certain details, such as fees and a ticker symbol, the correlation analysis indicates that Bitwise made an effort to comply with SEC regulations.
Although there are expectations that spot Ether ETFs will be approved in May, analysts caution that the SEC has not yet communicated with applicants, in contrast to the expeditious talks that followed the approval of spot cryptocurrencies.
Bitwise believes that more time is required for traditional finance to adjust to Bitcoin ETFs before adopting Ether ETFs.
Also read:VCs Returns to Cryptocurrency “aggressively” After Bitcoin’s Surge
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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