Bitwise’s Bitcoin and Ethereum ETF clears first SEC hurdle
Bitwise Asset Management’s Bitcoin and Ethereum ETF has received initial approval from the U.S. Securities and Exchange Commission (SEC). This approval, granted on January 30, enables the ETF to track the prices of Bitcoin and Ether based on their relative market capitalizations—currently 83% Bitcoin and 17% Ethereum. Despite this initial nod, Bitwise must still obtain approval for a pending registration application, known as Form S-1, before the ETF can officially start trading. The fund will be managed by Bitwise Investment Advisers, with Coinbase providing custody services and the Bank of New York Mellon acting as the cash custodian. This ETF marks the third joint Bitcoin and Ethereum spot ETF to be approved by the SEC, following similar approvals for Hashdex and Franklin Templeton in December. Additionally, Bitwise has expressed intentions to launch ETFs for memecoins, signaling continued innovation and exploration within the cryptocurrency investment landscape.
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