Bitwise Asset Management, a prominent crypto asset manager with over $11 billion in client assets, has expanded its investment offerings in the cryptocurrency space.
The firm recently filed a proposal with the SEC to launch an exchange-traded product (ETP) combining exposure to spot bitcoin and ether, the two largest cryptocurrencies.
The proposed ETP, pending approval of its Form 19b-4 and the effectiveness of a Form S-1 registration statement, will directly hold both assets, weighted by market capitalization. If approved, this offering would mark a notable expansion of Bitwise’s ETF portfolio following its recent Bitcoin spot ETF debut.
Bitcoin and ether collectively account for roughly 70% of the $3.2 trillion global crypto market and serve distinct purposes within the blockchain ecosystem. The largest cryptocurrency by market cap, Bitcoin is widely regarded as a digital store of value optimized for security. Ether, meanwhile, powers the Ethereum blockchain, a hub for decentralized applications, stablecoins, DeFi platforms, and NFTs.
“Bitcoin and ether aren’t competitors any more than gold and tech stocks are,” said Matt Hougan, Bitwise’s Chief Investment Officer. “This fund aims to simplify balanced exposure to these assets, making it easier for investors to benefit from both.”
If approved, the proposed ETF could attract significant interest, particularly among investors seeking diversified exposure to crypto’s top-tier assets. This initiative reinforces Bitwise’s position as an innovator in the rapidly evolving landscape of crypto investments.
Similarly, Hashdex updated its S-1 application for the Hashdex Nasdaq Crypto Index US ETF, marking the second revision since the original filing on June 24. The revised filing, dated November 25, comes after the SEC requested additional time in August to review the proposal.
The NCIUS ETF will focus exclusively on Bitcoin and Ether, omitting investments in other cryptocurrencies, tokenized assets, stablecoins, or crypto-related securities. However, the possibility of including additional assets may be considered.
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