- Bitwise’s Bitcoin and Ethereum ETP aims to offer balanced exposure to the top two cryptocurrencies.
- If approved, the ETP will provide investors with a simpler way to invest in BTC and ETH together.
- Bitwise’s filing signals growing institutional interest in crypto, pushing digital assets into mainstream finance.
The New York Stock Exchange (NYSE) Arca has filed an application with the Securities and Exchange Commission. The filing aims to list a new Bitcoin and Ethereum Exchange-Traded Product (ETP) on behalf of Bitwise Asset Management.
The filing, consisting of Form 19b-4, will bring a BTC and ETH ETP to market. This move shows NYSE Arca’s continued effort to integrate cryptocurrency into traditional financial markets.
Details of the Proposed ETP
The proposed ETP will monitor Bitcoin and Ethereum using a market capitalization-weighted formula. It means the fund will own both assets at a ratio that reflects their market cap. Bitwise aims to offer investors exposure to the two biggest cryptocurrencies by market capitalization.
The ETP will calculate its Net Asset Value (NAV) daily using CME CF price benchmarks. The fund will be controlled by NYSE Arca Rule 8.201-E, which applies to Commodity-Based Trust Shares. The filing puts the request officially under SEC review, but approval is still pending.
Bitwise’s Growing Influence in the Crypto ETF Space
Bitwise has quickly emerged as one of the most important companies in the bitcoin ETF market. The firm recently crossed $10 billion in assets under management (AUM) and managed to add $1 billion in just ten days. Bitwise has taken the lead in crypto ETFs, bringing to market spot Bitcoin and Ethereum ETFs.
The firm’s commitment to ecosystem development extends beyond traditional ETFs. Bitwise is also considering other cryptocurrency products such as a Solana ETF and a future XRP ETF. They are part of a wider effort to make digital assets more accessible to both institutional and retail investors.
Regulatory Challenges and Market Implications
While the regulatory landscape for cryptocurrency ETFs remains unclear, there is evident institutional interest in digital assets. If authorized, Bitwise’s Bitcoin and Ethereum ETP would be a significant step toward integrating cryptocurrency into traditional financial portfolios.
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