Bitwise Bitcoin and Ethereum ETF Approved by the SEC, Enabling Investors to Be Exposed to the Two Top Cryptocurrencies Under a Single Regulated Product

Approval for its 19b-4 filing is one major regulatory clearance, but the ETF remains waiting for a final nod on its S-1 registration application for it to hit the exchange.

The U.S. Securities and Exchange Commission has approved an application from Bitwise for a Bitcoin and Ethereum exchange-traded fund (ETF), allowing investors to gain exposure to the two largest cryptocurrencies through a single regulated product.

This approval makes Bitwise the third asset manager to secure approval for a joint BTC-ETH ETF, following Hashdex and Franklin Templeton.

Approval for its 19b-4 filing is one major regulatory clearance, but the ETF is still awaiting a final nod on its S-1 registration application before it can hit the exchange floor.

Once approved, the fund will provide investors with direct exposure to the spot prices of Bitcoin and Ethereum, weighted according to their market capitalization, with 83% allocated to Bitcoin and 17% to Ethereum.

This approval highlights the increasing institutional interest in crypto ETFs, with Bitwise leading the way.

The fund is advised by Bitwise Investment Advisers, with Coinbase serving as the crypto custodian, cash custodian, administrator, and transfer agent, while Bank of New York Mellon acts as the primary custodian.

Bitwise filed the application for the dual-crypto ETF in November 2024, just two months after Donald Trump's election victory, which marked a turning point in regulations, leading to a surge in applications for crypto-related ETFs.

According to Bloomberg Intelligence analyst Nathan Dean, “Issuers are testing the SEC’s appetite for various ETF themes with applications for funds tracking everything from memecoins, such as Dogecoin (DOGE), to metaverse tokens.”

This approval adds to a growing wave of institutional crypto investment products, as Bloomberg ETF Analyst James Seyffart recently noted that asset managers are “pushing the envelopes” of approvals by the Securities and Exchange Commission, with Tuttle Capital filing ten leveraged crypto ETF applications.

Other firms have also filed ETFs that track some of the alternative cryptocurrencies.

In other news, Coinbase continues to expand its offering of regulated products, with the recent addition of futures contracts for Solana (SOL) and Hedera (HBAR). Bitwise is optimistic about the shifting regulatory landscape, stating on X that “This bull market could run into 2026 and beyond, with Washington embracing digital assets like never before.”

As institutional demand for regulated crypto products continues to grow, it could pave the way for more diverse investment vehicles within the crypto space.