Bitwise Announces ETH Futures ETF Commencement on Oct 2

• The U.S SEC has yet to rule on the spot Bitcoin ETF applications from several giants.
• The firm backs Ethereum over Bitcoin as stated by the company’s CIO.

Bitwise Asset Management has announced that it has amended its spot Bitcoin ETF application and that trading in two ETH futures ETFs will begin on October 2.

Bitwise Ethereum Strategy ETF and Bitwise Bitcoin and Ether Equal Weight Strategy ETF will begin trading soon, the company said. Moreover, Bitwise has announced that this modification would provide access to Ether futures on the Chicago Mercantile Exchange.

Matt Hougan, the company’s chief investment officer, said:

“Ethereum offers a more extensive portfolio opportunity compared to Bitcoin. Some investors view Ethereum as an alternative, while others perceive it as a conventional growth investment, encompassing attributes of both.“

All Eyes on SEC

Many firms that have been waiting for a Bitcoin ETF to be approved have also started working on an Ethereum ETF. The Invesco Galaxy Ethereum ETF, managed by the asset management firm Invesco, is reportedly under development.

The U.S SEC has yet to rule on the spot Bitcoin ETF applications from several giants. It recently delayed decisions on applications of major spot Bitcoin ETF, including BlackRock.

The timing of the SEC’s decision on whether or not to approve spot Bitcoin ETF applications may also be affected by the result of the Grayscale litigation, which seeks to have the Grayscale Bitcoin Trust (GBTC) converted into a Bitcoin exchange-traded fund. A U.S. judge dismissed the agency’s objections to the Grayscale spot Bitcoin ETF on August 29th, clearing the way for its approval.

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