Bitwise files S-1 for ETFs linked to Bitcoin and Ether
NYSE Arca offers to list and trade an exchange-traded product offered by Bitwise, an asset management firm that holds Bitcoin and Ether.
In the year In a filing with the United States Securities and Exchange Commission (SEC) on November 26, Bitwise announced its intention to start trading on the NYSE Arca for the exchange of Bitcoin (BTC) and Ether (ETH) in an S-1 registration statement.
According to the asset manager, the goal is to “provide investors with balanced exposure to two of the largest crypto assets in the world in an accessible format.”
Bitcoin and Ether ETF announcement. Source: Bitwise
The filing did not indicate a public filing date other than “as soon as practicable after the effective date” of the Form S-1. According to Bitwise, the ETF's BTC and ETH holdings “weight the relative market capitalization of Bitcoin and Ether against each other.”
It is unclear if the SEC has approved the crypto product to list and trade on the NYSE Arca. The commission will be under new leadership starting Jan. 20 when Chairman Gary Gensler steps down. The US Senate may confirm President Donald Trump's new SEC chief after he takes office.
SEC to be more crypto-friendly under Trump?
With Trump winning the US election on November 5 and Republicans securing enough seats for majority control of the House and Senate, many industry leaders have suggested that the regulatory environment could become more favorable for crypto from 2025 onwards. At the time of publication, it was unclear who the president-elect intended to choose to replace Gensler.
Related: Solana ETF regulatory filings flood as Gensler sets launch date
After the US election, some asset managers launched ETFs linked to Hedera (HBAR), XRP (XRP) and Solana (SOL), perhaps testing how the SEC would handle various crypto offerings. In the year On November 21, Bitwise filed an S-1 filing for Solana ETF.
In January, the SEC approved the first-ever spot BTC ETF from asset managers to list and trade on US exchanges. The regulator followed suit by greenlighting shares of SpotEther exchange-traded products in May.
Magazine: Is Bitcoin Going Back To $90K? Solana ETFs, and more: Hodler's Digest, November 17 – 23
