Bitwise Proposed Bitcoin-Ethereum Linked ETF to SEC

Bitwise, one of the publicly traded companies that issued bitcoin spot ETFs in January, proposed the Mixed crypto Base ETF to authorities.

According to the S-1 filling document on November 26, Bitwise Asset Management proraised the bitcoin–ethereum-based spot ETF to the Securities and Exchange Commission (SEC). This proposal came after its 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 balanced exposure and easier access to its clients between the two largest cryptocurrencies by market cap.

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bitcoin and ethereum account for more than 70% of the current cryptocurrency market capitalizations, at approximately $2.2 trillion. This fund would allow investors to get a recommended crypto in their portfolio. Both cryptocurrencies, which is the largest and most mainstream blockchain used for DeFi, “will be a big hit with investors.”

“bitcoin and ethereum are not competitors, nor are gold and tech stocks,” CIO Matt Hougan said in the <a target="_blank" href="https://bitwiseinvestments.com/newsroom/nyse-arca-files-form-19b-4-for-bitwise-bitcoin-and-ethereum-etp” target=”_blank” rel=”nofollow”>Press release.

Bit-by-bit movements in cryptocurrency-based ETFs

Since the product was launched earlier this year, the company that issued bitcoin spot ETFs has recorded an inflow amount for its product (BITB) of up to $2.1 billion. This entry makes them the fourth largest issuer and raises billions of dollars.

The company, based in San Francisco, California, 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 inflow they raised for ETHW has now reached $390 million, behind Fidelity ethereum Fund (FETH) with $707 million and iShares ethereum Trust ETF (ETHA) with $1.8 billion.