The US Securities and Exchange Commission (SEC) has received a filing from asset management company Bitwise, listing and trading shares of a spot Ethereum Exchange Traded Fund (ETF). This groundbreaking move comes as Bitwise released an analysis exploring Ethereum correlations, mirroring the SEC’s assessment process for Bitcoin.
Bitwise submitted a Form S-1 registration statement for shares of its Ethereum ETF to the SEC on March 28, amidst rumors of Ether potentially being classified as a security. The filing raises concerns about the future listing of spot ETFs, but Bitwise plans to issue shares of the ETH investment vehicle on NYSE Arca.
The analysis conducted by Bitwise shows tight correlation values for Ethereum throughout various time periods, with negligible variances. The study closely followed SEC guidelines for methodological consistency, establishing a standard for cryptocurrency studies.
VanEck’s investment vehicle will be the first to be approved or denied in the upcoming round of spot ETH ETF applications by the SEC, with a final deadline of May 23. Other firms, including Hashdex, ARK 21Shares, and Fidelity, also have pending applications for spot Ethereum ETFs.
The SEC’s approval of investment vehicles linked to Ether futures in October 2023 sets the stage for potential approval of spot ETFs. Experts are divided on the likelihood of approval in 2023, with some predicting rejections in 2024.
Overall, Bitwise’s filing and analysis mark a significant step towards mainstream acceptance of Ethereum as an investment vehicle, with potential implications for the broader cryptocurrency market.
