Bitwise proposed Bitcoin-Ethereum tied ETF to SEC

Bitwise, one of the listed companies that issued a Bitcoin spot ETF in January, proposed the crypto hybrid-based ETF to authorities.

Bitwise Asset Management has proposed a Bitcoin-Ethereum-based spot ETF with the Securities and Exchange Commission (SEC), according to its S-1 filing on Nov. 26. This offer comes after the Bitcoin ETF options product was approved for trading and launched last week.

As a multi-billion-dollar Bitcoin ETF issuer, the company aims to provide customers with balanced visibility and easier access across the two largest cryptocurrencies by market cap.

Today, NYSE Arca filed to list a Bitwise ETP that will hold both spot Bitcoin and ether, weighted by market cap.

Purpose: To provide investors with balanced access to the world’s two largest crypto assets in an easy-to-access format. pic.twitter.com/TcBpQM8OhW

— Bitwise (@BitwiseInvest) 26 November 2024

Bitcoin and Ethereum account for more than 70% of current crypto market capitalizations, at approximately $2.2 trillion. This fund will allow investors to receive a recommended cryptocurrency in their portfolio. Cryptocurrency, the largest and most mainstream blockchain used for DeFi, “will be a big hit with investors.”

“Bitcoin and Ethereum are not competitors in the way gold and tech stocks are,” CIO Matt Hougan said in the press release.

Bitwise moves in crypto-based ETF

Since the product’s launch earlier this year, the company issuing the Bitcoin spot ETF has recorded inflows of up to $2.1 billion into its product (BITB). This entry makes them the fourth largest issuer and generates billions of dollars in inflows.

Headquartered in San Francisco, California, the company also joined the wave of BlackRock and Fidelity to launch the Ethereum spot ETF (ETHW) on the New York Stock Exchange in July 2024.

The total inflows they raised for ETHW reached $390 million, behind the $707 million Fidelity Ethereum Fund (FETH) and the $1.8 billion iShares Ethereum Trust ETF (ETHA).