The United States Securities and Exchange Commission (SEC) has granted initial approval for an exchange-traded fund (ETF)

The SEC approved the 19b-4 form proposal for the Bitcoin and Ethereum ETF submitted by Bitwise Asset Management on the 30th (local time).

The United States Securities and Exchange Commission (SEC) has granted an initial approval for an exchange-traded fund (ETF) that will combine Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization, in a single product.

According to Bloomberg on the 30th (local time), the SEC approved 19b-4 Form Proposal for the Bitcoin and Ethereum ETF submitted by Bitwise Asset Management.

This approval alone does not allow trading. Approval of the S-1 Form, which can be considered a securities registration statement, is also required for it to be traded like other ETFs.

The newly initially approved ETF will incorporate both cryptocurrencies with weighted market prices to balance them. The fund structure is similar to existing ETFs that directly hold Bitcoin or Ethereum.

Bitwise Asset Management submitted several ETF applications to the SEC after Donald Trump, who advocated for pro-cryptocurrency policies, won the U.S. presidential election last November.

Bloomberg Intelligence senior policy analyst Nathan Dean noted in a report that "cryptocurrency-related investment firms are testing the SEC's limits by applying for uniquely characterized ETFs, including meme coin ETFs."