Bitwise Proposes Bitcoin-Ethereum-Based Spot ETF to SEC After Bitcoin ETF Options Product Approval

Bitwise Asset Management proposed the Bitcoin-Ethereum-based spot ETF to the Securities and Exchange Commission (SEC). This proposal came after their product of Bitcoin ETF options was approved for trade and was released last week.

One of the companies that listed a Bitcoin spot ETF in January has now filed to launch a crypto-blend exchange-traded fund (ETF).

According to an S-1 filing document on Nov. 26, Bitwise Asset Management has filed with the Securities and Exchange Commission (SEC) to launch a Bitcoin-Ethereum spot ETF. This filing comes after their Bitcoin ETF options product was approved to begin trading and was launched last week.

The multi-billion dollar Bitcoin ETF issuer is aiming to provide its customers with balanced exposure and easier access to the two largest cryptocurrencies by market capitalization.

Today NYSE Arca filed to list a Bitwise ETP that would hold both spot bitcoin AND ether, weighted by market cap.

The goal: Give investors balanced exposure to the two largest crypto assets in the world in an easy-to-access format. pic.twitter.com/TcBpQM8OhW

Bitcoin and Ethereum together comprise over 70% of the current crypto market capitalization, at around $2.2 trillion. This fund would allow investors to gain recommended crypto exposure in their portfolio. Both the largest cryptocurrency and the leading blockchain used for decentralized finance (DeFi), the two assets are “going to be a huge hit with investors.”

“Bitcoin and Ethereum aren’t competitors any more than gold and tech stocks are competitors,” said CIO Matt Hougan in the press release.

Bitwise's moves in crypto ETFs

The company’s Bitcoin spot ETF, which was launched earlier this year, has seen inflows into the product (BITB) to the tune of $2.1 billion since its launch. This places them as the fourth-largest issuer and collector of billions of dollars in inflows.

The San Francisco, California-based firm also joined the likes of BlackRock and Fidelity in launching an Ethereum spot ETF (ETHW) on the New York Stock Exchange in July 2024.

Their total inflows for ETHW have now reached $390 million, following Fidelity Ethereum Fund (FETH) at $707 million and iShares Ethereum Trust ETF (ETHA) at $1.8 billion.