- Bitwise’s Bitcoin and Ether ETP aims to provide balanced crypto exposure.
- SEC filings correlate with regulatory changes under new leadership.
Crypto asset manager Bitwise Asset Management filed a proposal with the United States Securities and Exchange Commission for an innovative exchange-traded product that will provide exposure to both Bitcoin and Ethereum. The proposed ETP has been filed under Form S-1 and will wait for SEC approval before it is listed on the NYSE Arca.
The proposed new fund will focus on achieving a good balance of exposure to two of the largest market-cap cryptocurrencies. Today, Bitcoin and Ethereum already represent over 70% of the total cryptocurrency market capitalization amounting nearly to $2.2 trillion. A new Bitwise ETF makes access to two of the largest assets into a single product.
Well Balanced Crypto Exposure
Bitcoin and Ethereum are no more competitors than are gold and tech stocks,” said Matt Hougan, chief investment officer at Bitwise in a statement. The company believes that each has a critical and mutually supporting place within the ecosystem of digital assets. As the store of value represented by Bitcoin and the decentralized applications platform represented by Ethereum, investment in this combination provides an access point for investors into leading blockchains for DeFi.
The launch of the Bitcoin-Ethereum spot ETF has come at a time when Bitwise is gaining more traction in the investment space for crypto. For instance, Bitwise’ Bitcoin spot ETF (BITB) gained massive traction earlier in the year as inflows reached $2.1 billion, making it the fourth-largest issuer of the ETF in the market.
In addition, Bitwise launched Ethereum spot ETFs together with industry giants like BlackRock and Fidelity. Its Ethereum product, ETHW, now has $390 million in assets under management behind Fidelity’s Ethereum Fund at $707 million and iShares Ethereum Trust ETF at $1.8 billion.
With this new proposal, Bitwise continues to solidify its position as a leader in the growing crypto ETF market, bringing more opportunities for institutional and retail investors to gain exposure to the top-performing cryptocurrencies.
