Bitwise Spot Ether ETF Application: While Ether ETFs Await Approval, A New Player Has Joined the Game

Crypto News – Despite uncertainty around the SEC’s potential approval date for these products, Bitwise has applied to be able to launch a spot Ethereum ETF.

Bitwise Spot Ether ETF Application: While Ether ETFs Await Approval, A New Player Has Joined the Game

The Bitwise Ethereum ETF application was submitted to the SEC on Thursday by Bitwise in the form of an S-1 form. In prior remarks, this month, the company’s CIO, Matt Hougan, suggested that it could be preferable if the SEC decided not to accept the new instruments in May, when the agency was supposed to approve or reject the first batch of pending applications for spot ether ETFs. This observation prompted the move.

Bitwise plans to issue shares of the ETH investment vehicle on NYSE Arca, according to a 19b-4 modification filing that was submitted to the SEC. The asset manager was one of the first to receive the SEC’s permission in January for the listing and trading of shares of its spot Bitcoin ETF.

Approval of Applications is Not Certain

While spot bitcoin ETFs started trading in January, market observers at one point expressed confidence that a spot ether ETF would be approved. The recently released goods have been widely praised as successes and have generated more than $150 billion in trading volume.

VanEck’s investment vehicle will be the first to be approved or denied in the upcoming round of spot ETH ETF applications by the SEC, with the final deadline being May 23. While several experts appeared to be bullish about approval in 2023, others have stated that the commission may still reject applications in 2024.