Bitwise, one of the listed companies that issued Bitcoin spot ETF in January, has proposed the crypto mixed-based ETF to the authorities.
According to the S-1 filling document on Nov 26, Bitwise Asset Management proposed the Bitcoin-Ethereum-based spot ETF to the Securities and Exchange Commission (SEC). This proposal came after their product of Bitcoin ETF options was approved for trade and was released last week.
As a multi-billion Bitcoin ETF issuer, the company aims to bring balanced exposure and easier access to its customers between the two largest cryptocurrencies by market capitalization.
Bitcoin and Ethereum account for more than 70% of the current crypto market capitalizations, with roughly $2.2 trillion. This fund would enable investors to get a recommended crypto on their portfolio. Both crypto, which is the largest and mainstream blockchain used for DeFi, is “going to be a huge hit with investors”.
“Bitcoin and Ethereum aren’t competitors any more than gold and tech stocks are competitors,” said CIO Matt Hougan said on the press release.
Bitwise moves on crypto-based ETF
Since the product was released earlier this year, the company that issued Bitcoin spot ETF recorded an inflow amount for their product (BITB) of up to $2.1 billion. This inflow makes them the fourth largest issuer and collects an inflow of billions of dollars.
The company, based in San Francisco, California, also joined the wave of BlackRock and Fidelity to launch Ethereum spot ETF (ETHW) on the New York Stock Exchange in July 2024.
The total inflow they collected for ETHW now reached $390 million, behind Fidelity Ethereum Fund (FETH) with $707 million and iShares Ethereum Trust ETF (ETHA) with $1.8 billion.
