Bitwise Bitcoin and Ethereum ETF Gets SEC Approval, Marking a Milestone in the Journey of Cryptocurrency ETFs

The U.S. Securities and Exchange Commission (SEC) has approved NYSE Arca's filing to list and trade shares of Bitwise's combined Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) on an "accelerated basis," marking a major milestone in the journey of cryptocurrency ETFs.

The U.S. Securities and Exchange Commission (SEC) has quickly approved NYSE Arca's filing to list and trade shares of Bitwise's combined Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) on an "accelerated basis," a move that could pave the way for more cryptocurrency ETFs to hit the market this year.

The Wall Street regulator, under Acting Chair and Commissioner Mark Uyeda, said Thursday that it found NYSE's proposal to trade the combined BTC and ETH ETF was "consistent with Section 6(b)(5) of the Exchange Act."

NYSE Arca filed with the SEC on Feb. 13 to trade the Bitwise BTC and ETH ETF, and the regulator had 240 days to approve, disapprove or extend the review period for the application. But to the surprise of many, the SEC acted on the filing in just 45 days.

The speedy approval could be a sign that the SEC is prioritizing crypto ETFs under the new leadership, which took over following former Chair Gary Gensler's departure in January. But it could also be a one-off occurrence.

Bitwise has been expanding its lineup of crypto ETF offerings, and ahead of the latest development, the asset manager has been submitting S-1 filings with the SEC for other cryptocurrency ETFs.

Its latest proposal was for a Dogecoin (DOGE) ETF, which provides exposure to the world's largest meme coin by market capitalization.

In November, the asset management firm also filed with the State of Delaware for a Solana (SOL) ETF, taking the first step toward officially applying with the SEC for the new product.

In October, Bitwise also became one of the first movers to file an entity with Delaware for an XRP ETF, making a move to potentially bring to reality Ripple CEO Brad Garlinghouse's previous prediction that XRP ETFs and other crypto ETFs have become "inevitable" since Ethereum ETFs were approved last year.