Bitwise Asset Management has reviewed the Bitcoin (BTC) exchange-traded fund (ETF) application and confirmed that trading for two Ethereum (ETH) futures ETFs will begin on October 2.
The company has open The Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) are scheduled to begin trading. Bitwise said the move will enable investors to access CME Ether futures within the widely adopted and regulated ETF framework, marking an important milestone.
Matt Hogan, the company’s chief investment officer, said in a statement:
“Ethereum offers a more comprehensive portfolio opportunity compared to Bitcoin. Some investors view Ethereum as an alternative, while others view it as a traditional growth investment, incorporating attributes of both.”
Many companies vying for a spot in the Bitcoin ETF have also entered the Ethereum ETF race. In a recent development, Cointelegraph noted that asset manager Invesco is also exploring the possibility of offering the Invesco Galaxy Ethereum exchange-traded fund.
Previously, Bitwise, along with BlackRock and Invesco, were among the companies that received a delay in decision from the SEC regarding their Bitcoin ETF applications. As a result, the likelihood of a spot Bitcoin ETF gaining approval in 2023 appears very low.
Related: Valkyrie holds back on purchases of Ethereum futures until ETF launch
However, the outcome of the grayscale lawsuit, which supports the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF, may significantly impact the situation when the SEC makes its decision, expected in 2024. On August 29, 2023, The US Securities and Exchange Commission decided the court cleared the way for approval of the grayscale spot Bitcoin ETF by rejecting the agency’s objections.
Meanwhile, Bloomberg analyst James Seyphart has revealed the full list of 9 Ethereum futures ETFs that are set to receive expedited approval from the SEC to launch on Monday, October 2, 2023.
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