Bitwise Paves the Way for Ethereum ETFs with Trading Launch on October 2
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Bitwise Asset Management has announced that trading for two of its Ethereum-themed ETFs will commence on October 2, 2023. The groundbreaking initiative will enable investors to gain exposure to Ethereum through the widely popular and regulated Exchange-Traded Fund (ETF) format for the very first time.
Bitwise announced today that two groundbreaking Ether futures ETFs intend to begin trading on Mon, October 2: the Bitwise Ethereum Strategy ETF (ticker: AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (ticker: BTOP).
Full press release: https://t.co/1EzqpQ68Wy
— Bitwise (@BitwiseInvest) September 29, 2023
Bitwise’s Latest Offerings: AETH & BTOP
Bitwise unveiled that it will be launching two specialized ETFs: the Bitwise Ethereum Strategy ETF (ticker: $AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (ticker: $BTOP). According to Matt Hougan, the Chief Investment Officer at Bitwise, Ethereum offers a broader investment portfolio than Bitcoin.
“Ethereum has elements of both a traditional growth investment and an alternative asset, making it a compelling choice for a wide range of investors,” Matt Hougan
Bitwise isn’t alone in its Ethereum ETF ambitions. Asset management firm Invesco, already a key player in the financial markets, recently announced its intent to launch the Invesco Galaxy Ethereum ETF. This move comes amidst a backdrop of regulatory delays for Bitcoin ETFs, which has seen big names like Blackrock and Invesco awaiting decisions from the U.S. Securities and Exchange Commission (SEC).
Though the prospect of a Bitcoin ETF approval in 2023 is dim, the future is not all bleak for crypto ETFs. The verdict in favor of converting the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF could be a game-changer when the SEC makes its decision in 2024. James Seyffart, a Bloomberg analyst, recently revealed that as many as nine Ethereum Futures ETFs have been earmarked for SEC accelerated approval on October 2.
OKAY: This looks to be the full list of #Ethereum Futures ETFs that will be given SEC accelerated approval to launch on Monday. Assuming they are all operationally ready to go & assuming no last minute entrants. A potential 9 ETFs with ETH futures trading on Monday pic.twitter.com/eQF6MWL4kP
— James Seyffart (@JSeyff) September 29, 2023
What sets Ethereum apart from other crypto assets?
For one, its correlation with traditional equities like the S&P 500 Index, Nasdaq-100 Index, and Russell 2000 Index has been relatively low over the past two years. This makes Ethereum an attractive diversification option. Furthermore, its real-world applications make it easier to grasp and value for experienced investors, according to Hougan.
As part of Bitwise’s broader strategy, the launch of these Ethereum ETFs adds to its already diverse line-up of over 20 investment products. This includes five other ETFs, private placement funds, multi-strategy solutions, and separately managed accounts.
As one of the largest and fastest-growing crypto asset managers in America, Bitwise’s new Ethereum ETF offerings are poised to attract not just crypto enthusiasts but also traditional investors looking to diversify their portfolios.
Filed under: Bitcoin - @ September 30, 2023 4:44 am