Bitwise joins growing list of Ethereum ETF managers

The two funds will be called the Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF (BTOP).

Bitwise Asset Management has announced the launch of two ethereum-themed exchange-traded funds (ETFs), joining a list of asset managers looking to create ethereum-based futures products following SEC approval.

The two funds will be called the Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF (BTOP). Bitwise said the launch of these ETFs will make it easier for investors to participate in CME Ethereum futures and further expand regulated and trustworthy investment avenues in the cryptocurrency space.

Ethereum Futures****ETF

Bitwise chief investment officer Matt Hougan noted that Ethereum offers a wide range of portfolio opportunities compared to Bitcoin, describing it as a hybrid of alternative investments and traditional growth investments. He added:

“Some investors view Ethereum as an alternative, while others view it as a traditional growth investment, encompassing attributes of both.”

The launch comes as Ethereum continues to establish itself as a nexus of innovation and growth. It brings an ecosystem full of applications and developments that attracts the attention of millions of users and leading brands.

Hunter Horsley, CEO of Bitwise, highlighted Ethereum’s dynamic growth and the momentum it is gaining, saying that the ETF aims to be a gateway for investors to participate in Ethereum’s expanding landscape through a regulated route that inspires confidence.

Broader perspective

The start of Bitwise ETF trading is part of a larger trend in which a number of firms, including Invesco and Valkyrie, are exploring Ethereum ETF products while awaiting approval for spot Bitcoin ETFs.

The U.S. SEC’s decision on these applications is highly anticipated, and its results may be affected by related developments such as the Grayscale litigation.

The cryptocurrency community is closely watching the SEC’s actions, as the regulator’s approval decisions will determine the trajectory of U.S. cryptocurrency investment in the coming years.

It is worth noting that Bloomberg analyst James Seyffart revealed that 9 Ethereum futures ETFs, including Bitwise, will receive fast approval from the SEC on Monday, October 2, 2023.