The US SEC Approves NYSE Arca to List and Trade Shares of a New Bitcoin and Ethereum ETF from Bitwise

The US Securities and Exchange Commission (SEC) has approved a filing from NYSE Arca to list and trade shares of a new exchange-traded fund (ETF) from Bitwise

The US Securities and Exchange Commission (SEC) has approved an application from the NYSE Arca to list and trade shares of a new exchange-traded fund (ETF) from Bitwise, which combines Bitcoin and Ethereum.

The approval was granted on an “accelerated basis,” as the proposal aligns with Section 6(b)(5) of the Exchange Act, according to an SEC filing. The act requires exchanges to implement measures to prevent fraud and manipulation while protecting investors and serving the public interest.

Bitwise's ETF will hold both Bitcoin and Ethereum in addition to cash reserves, providing investors with diversified exposure.

The SEC has experienced a dramatic shift toward establishing a closer relationship with the crypto industry amid Gary Gensler's departure and Donald Trump's re-election.

The SEC rescinded a well-known accounting rule last week that significantly affected how cryptocurrency is valued.

The rule, known as Staff Accounting Bulletin (SAB) No. 121, mandates that businesses include crypto assets on their balance sheets, driving up the cost for financial institutions to handle cryptocurrencies.

Meanwhile, Bitwise has played a leading role in the development of crypto-related ETF products. The asset manager is credited with launching the fifth largest Bitcoin ETF (BITB), which was among the first BTC ETFs approved by the SEC in January 2024.

Bitwise has filed for several crypto ETFs in recent months, including a 10 Crypto Index, Solana ETF, XRP ETF, and, most recently, a Dogecoin ETF.

The “Bitwise Dogecoin ETF” marks the first filing by any financial institution to introduce a DOGE-centric ETF in the United States.