Bitwise Files for Ether ETF with SEC Despite Approval Delays

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Bitwise, a prominent asset management firm, has made a significant move in the cryptocurrency market by filing with the United States Securities and Exchange Commission (SEC) to introduce a spot Ether exchange-traded fund (ETF). 

The filing, submitted on March 28, signals Bitwise’s intention to list and trade shares of its Ethereum ETF, adding to the growing array of investment options in the crypto space.

Bitwise Filing is of Significance

Amid mounting speculation surrounding the regulatory classification of Ether, Bitwise’s filing takes on added significance. The SEC’s potential designation of Ether as a security has cast a shadow of uncertainty over the prospects of future spot ETF listings. 

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However, Bitwise’s proactive move underscores its confidence in the regulatory framework and its commitment to expanding access to Ethereum for investors.

The filing, submitted in the form of a Form S-1 registration statement, outlines Bitwise’s plans to list shares of the ETH investment vehicle on NYSE Arca. This follows Bitwise’s successful foray into the ETF arena with the approval of its spot Bitcoin ETF by the SEC in January.

Impending Deadlines for Spot ETH ETF Applications

The timing of Bitwise’s filing is particularly noteworthy, considering the impending deadline for the SEC to approve or deny the next round of spot ETH ETF applications. 

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VanEck’s investment vehicle is slated to be the first in line, with the final decision expected by May 23. While optimism initially surrounded the prospects of ETF approval in 2023, concerns have emerged heading into 2024 regarding potential rejections by the SEC.

Bitwise is not Alone

Bitwise is not alone in its pursuit of a spot ETH ETF, with other firms like Fidelity, Hashdex, and ARK 21Shares also awaiting regulatory approval. 

The SEC’s prior approval of investment vehicles linked to Ether futures in October 2023 provides a glimpse into the regulatory landscape surrounding Ethereum-based financial products.

Correlation Analysis

The introduction of a spot Ether ETF represents a significant milestone in the mainstream adoption of cryptocurrencies. By providing investors with a regulated avenue to gain exposure to Ethereum, Bitwise aims to facilitate broader participation in the digital asset market. 

The firm published a correlation analysis as per an X post. “Bitwise is publishing a new correlation analysis today as part of its new spot Ethereum ETF filing,” read the post while adding:

“This is the first ETH correlation analysis to replicate the specific methodology used by the SEC in their evaluation of bitcoin, and the results are encouraging. The correlation values for the full sample period only differ up to 0.2% for the hourly correlation, 5% for the five-minute correlation, and 8% for the one-minute correlation.”

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