Bitwise Announces Ether Futures ETFs, Bitcoin ETF Updates

The SEC's decision on these applications is delayed due to potential government closure and the Grayscale lawsuit outcome.

Bitwise Announces Ether Futures ETFs, Bitcoin ETF Updates
Bitwise Announces Ether Futures ETFs, Bitcoin ETF Updates

Bitwise Asset Management has revised its application for a Bitcoin spot exchange-traded fund (ETF) and confirmed that trading for two Ether futures ETFs will begin on October 2.

The company has announced that the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF will soon begin trading.

Bitwise stated that this action will grant investors access to Ether futures on the Chicago Mercantile Exchange. Matt Hougan, the company’s chief investment officer, stated that numerous companies awaiting approval for a spot in the Bitcoin ETF have also entered the contest for an Ethereum ETF.

Recently, it was reported that asset management firm Invesco is also considering launching the Invesco Galaxy Ethereum ETF.

“Ethereum offers a more extensive portfolio opportunity compared to Bitcoin. Some investors view Ethereum as an alternative, while others perceive it as a conventional growth investment, encompassing attributes of both.“

Bitwise, BlackRock, Invesco, and Valkyrie are still awaiting approval from the United States Securities and Exchange Commission (SEC) for their spot Bitcoin ETF applications.

The SEC has delayed deciding due to the impending U.S. government closure. In addition, the outcome of the Grayscale lawsuit, which supports the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF, could impact when the SEC decides regarding the approval of spot Bitcoin ETF applications.

On Aug. 29, a U.S. court paved the path for the approval of the Grayscale spot Bitcoin ETF by discarding the agency’s objections.

In the meantime, Bloomberg analyst James Seyffart has revealed the complete roster of nine Ethereum Futures ETFs scheduled to receive expedited SEC approval for launch on Monday, October 2, 2023.