Bitwise announces the launch of the Ethereum ETF on October 2

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

The firm announced plans to launch trading for the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF. Bitwise said this move will allow investors to access Chicago Mercantile Exchange Ether Futures.

Matt Hogan, the firm's chief investment officer, said:

“Ethereum offers a broader portfolio opportunity than Bitcoin. Some investors see Ethereum as an alternative, while others see it as a regular growth investment, combining the characteristics of both.”

A number of companies have also entered the Bitcoin ETF to Ethereum ETF race, awaiting approval for space. Cointelegraph recently reported that asset management company Invesco is exploring the possibility of introducing the Invesco Galaxy Ethereum ETF.

Bitwise, BlackRock, Invesco and Valkyrie are still awaiting approval of their Bitcoin ETF applications by the US Securities and Exchange Commission (SEC), which has delayed its decision amid the recent US government shutdown.

Related: Valkyrie Holds Back on Ether Futures Contract Purchases Until ETF Launches

In addition, the outcome of Greyscale's lawsuit, which supports the conversion of Grayscale Bitcoin Trust (GBTC) to a Bitcoin ETF, may have an impact on the SEC's position on approving Bitcoin ETF applications. On August 29, a US court rejected the agency's objections, paving the way for approval of the Greyscale spot Bitcoin ETF.

Meanwhile, Bloomberg analyst James Seifert has released the full list of nine Ethereum Futures ETFs scheduled to receive accelerated approval from the SEC to launch on Monday, October 2, 2023.

Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have Final Comments?