Bitwise Asset Management has secured initial approval from the U.S. Securities and Exchange Commission (SEC) for its Bitcoin and Ethereum exchange-traded product (ETP).
On January 30, the SEC granted “accelerated approval” for Bitwise’s 19b-4 filing, marking a key regulatory milestone. The final hurdle before trading begins is the SEC’s decision on its S-1 registration, which is required for issuing new securities to the public.
A 19b-4 approval permits an exchange to list and trade a new financial product, while an S-1 registration is the last step before the product can be offered to investors.
Bitwise’s ETF filing, submitted in November 2024, aims to provide investors with exposure to both Bitcoin and Ethereum within a single product. The fund tracks spot prices of both assets, with allocations based on market capitalization. As of its most recent filing, the ETF’s composition stood at approximately 83% Bitcoin and 17% Ethereum.
This approval is particularly noteworthy as it marks the first crypto ETP cleared under the SEC’s new leadership, led by Acting Chair Mark Uyeda. It also represents the third joint Bitcoin and Ethereum ETF to receive regulatory approval.
The SEC highlighted that Bitwise’s ETP structure closely mirrors previously approved spot Bitcoin and Ethereum ETPs, reinforcing its compliance with established regulatory frameworks.
Building on their success in 2024, U.S. ETF Issuers are hopeful that the SEC under President Donald Trump will be more open to a broader range of crypto investment products. Many have started submitting applications for ETFs extending beyond Bitcoin and Ethereum.
The SEC formally acknowledged Canary Capital’s January 16 filling for a Litecoin ETF. Bitwise is also pursuing approval for two additional products: a Dogecoin ETF, for which it filed an S-1 on January 29, and the Bitcoin Standard Corporations ETF, which is designed to invest in companies holding over 1,000 BTC in their corporate treasuries.
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