SEC Fast-Tracks Bitwise’s Bitcoin And Ethereum ETF

The NYSE Arca officially filed to list and trade shares of Bitwise's dual spot Bitcoin and Ethereum exchange-traded fund on Nov. 26, 2024.

The U.S. Securities and Exchange Commission (SEC) on Monday approved NYSE’s proposal to list and trade shares of Bitwise’s dual spot Bitcoin and Ethereum exchange-traded fund (ETF).

The SEC has fast-tracked Bitwise’s Bitcoin-Ethereum ETF application, coming about a month after approving similar products filed by Hashdex and Franklin Templeton.

NYSE Arca filed toعلنlist and trade shares of Bitwise’s dual spot Bitcoin and Ethereum exchange-traded fund on Nov. 26, 2024. The filing was published in the Federal Register on December 16, 2024, with an updated filing submitted last week.

The investment vehicle aims to provide investors with exposure to Bitwise’s Bitcoin and Ethereum in a single fund, weighted according to each cryptocurrency’s relative market capitalization — currently 83% BTC and 17% ETH.

The SEC approved the Bitwise Bitcoin and Ethereum ETF on an “accelerated basis” after determining that the proposal is substantially similar to spot Bitcoin and Ethereum ETP proposals that were previously approved.

“In particular, the Commission finds that the Proposal is consistent with Section 6 (b) (5) of the Exchange Act, which requires, among other things, that the Exchange’s rules be designed to ‘prevent fraudulent and manipulative acts and practices’ and, ‘in general, to protect investors and the public interest,” the SEC notice adds.

The Bitwise dual Bitcoin-Ethereum ETF will calculate the market cap of the two assets by multiplying the pricing benchmarks by their current circulating supplies, the filing noted.

And the fund’s net asset value will be calculated daily at 4:00 p.m. ET using price benchmarks that aggregate real-time trade data from several leading cryptocurrency exchanges.

The SEC approval comes amid a broader acceptance of digital assets under the new Donald Trump administration’s more industry-friendly stance.

“They approved in 45 days vs waiting 240 days. I really want to interpret this as a sign the new SEC will be faster, but no way to know really,” Bloomberg senior ETF analyst Eric Balchunas said in a post on X.

While Bitwise’s combined Bitcoin and Ethereum ETF has cleared its first SEC hurdle, it still needs the agency’s approval of its S-1 registration statement before trading can officially begin.

More Crypto ETF Approvals Expected With New SEC LeadershipBalchunas believes a Litecoin ETF is next in line for SEC’s consideration.

Regulatory uncertainty continues to cast doubt over the potential approval of Solana and XRP ETFs. However, the new SEC leadership could pave the way for more crypto ETF approvals.

On Jan. 30, Bitwise said that the current bull market could continue into 2026 and beyond “with Washington embracing digital assets like never before.”

“The path to full mainstream crypto adoption is clearer than ever,” it added.