Bitwise to Launch Two Different Ethereum ETFs on October 2: What About Bitcoin ETFs?

• Cryptocurrency asset management company Bitwise Asset Management has announced that trading for two Ethereum-themed ETFs will begin on October 2, 2023.
• The company revealed that trading will commence for Bitwise Ethereum Strategy ETF ($AETH) and Bitwise Bitcoin and Ether Equal Weight Strategy ETF ($BTOP).
• Recently, COINOTAG reported that asset management firm Invesco is also interested in launching the Invesco Galaxy Ethereum ETF.

Bitwise Asset Management is set to launch two Ethereum-themed ETFs on Monday, October 2: What’s the latest on Bitcoin ETFs?

Bitwise Prepares to Launch 2 New ETFs

Following changes to its application for a Spot Bitcoin Exchange-Traded Fund (ETF), cryptocurrency asset management company Bitwise Asset Management has announced that trading for two Ethereum-themed ETFs will begin on October 2, 2023.

The company revealed that trading will commence for Bitwise Ethereum Strategy ETF ($AETH) and Bitwise Bitcoin and Ether Equal Weight Strategy ETF ($BTOP). Bitwise stated that this will allow investors to be exposed to CME Ether futures contracts for the “first time” via the widely popular and regulated ETF format. The company’s CIO, Matt Hougan, stated the following in the company’s announcement:

“The portfolio opportunity with Ethereum is broader than with Bitcoin. Some investors see Ethereum as an alternative, while others view it as a traditional growth investment. It possesses characteristics of both alternative and traditional growth investments.”

Several companies competing for the approval of a Spot Bitcoin ETF have applied for Ethereum ETFs. Most recently, COINOTAG reported that asset management firm Invesco is interested in launching the Invesco Galaxy Ethereum ETF.

Spot Bitcoin ETFs: More Delays

Previously, companies awaiting decisions from the U.S. Securities and Exchange Commission (SEC) regarding Bitcoin ETF applications included firms like Blackrock and Invesco. This suggests that the likelihood of spot Bitcoin ETF approval in 2023 is nearly zero. However, the court decision in favor of the Grayscale Bitcoin Trust (GBTC) conversion, issued on August 29, 2023, could be a game-changer when the SEC makes a decision in 2024. The U.S. Court rejected the agency’s appeal, paving the way for approval of Grayscale’s spot Bitcoin ETF.

Meanwhile, Bloomberg analyst James Seyffart shared the full list of 9 Ethereum Futures ETFs that the SEC is expected to grant accelerated approval for. He noted that these ETFs will be launched on Monday, October 2, 2023.