8xbet Bitwise announces Ethereum ETF launch on Oct. 2 - BLOCKCHAINWEBBAG

Bitwise announces Ethereum ETF launch on Oct. 2

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Bitwise Asset Management has revised its spot Bitcoin (BTC) exchange-traded fund (ETF) application and confirmed that trading for two Ether (ETH) futures ETFs will commence on Oct. 2.

The firm has revealed that trading is scheduled to commence for the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF. Bitwise stated that this move will enable investors to access Chicago Mercantile Exchange Ether futures.

The firm’s chief investment officer, Matt Hougan, said:

“Ethereum offers a more extensive portfolio opportunity compared to Bitcoin. Some investors view Ethereum as an alternative, while others perceive it as a conventional growth investment, encompassing attributes of both.“

Numerous companies awaiting approval for a spot Bitcoin ETF have also entered the Ethereum ETF race. Cointelegraph recently reported that asset management company Invesco is also exploring the possibility of introducing the Invesco Galaxy Ethereum ETF.

Previously, Bitwise, along with BlackRock and Invesco, was among the companies that received a delay in the decision from the U.S. Securities and Exchange Commission (SEC) regarding their Bitcoin ETF applications. As a result, the likelihood of a spot Bitcoin ETF receiving approval in 2023 appears extremely low.

Related: Valkyrie backtracks on Ether futures contract purchases until ETF launch

Nonetheless, the outcome of the Grayscale lawsuit, which supports the transformation of Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF, might significantly influence the situation when the U.S. SEC makes its decision, expected in 2024. On August 29, 2023, a U.S. Court paved the path for the approval of the Grayscale spot Bitcoin ETF by dismissing the agency’s objections.

In the interim, Bloomberg analyst James Seyffart has disclosed the complete roster of 9 Ethereum Futures ETFs that are slated to receive expedited approval from the SEC for their launch on Monday, October 2, 2023.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?