The US Securities and Exchange Commission (SEC) has approved a filing from NYSE Arca to list and trade shares of a new exchange-traded fund (ETF) from Bitwise, which combines Bitcoin and Ethereum.
According to an SEC filing, the approval was granted on an “accelerated basis,” as the proposal aligns with Section 6(b)(5) of the Exchange Act. The act requires exchanges to implement measures to prevent fraud and manipulation while protecting investors and serving the public interest.
Bitwise’s ETF will hold both Bitcoin and Ethereum alongside cash reserves, offering investors diversified exposure.
Amid Gary Gensler’s exit and Donald Trump’s re-election, the SEC has undergone a drastic shift towards forming a warmer relationship with the crypto industry.
Last week, the SEC rescinded a notorious accounting rule that drastically impacted how cryptocurrency is recognised.
Known as Staff Accounting Bulletin (SAB) No. 121, the rule requires companies to list crypto assets on their balance sheets, increasing the expense for financial institutions to deal with cryptocurrencies.
SEC Axes Crypto Accounting Rule SAB 121
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Meanwhile, Bitwise has been at the forefront of crypto-related ETF products. The asset manager has the fifth largest Bitcoin ETF (BITB), which was one of the original BTC ETFs approved by the SEC in January 2024.
Over the past few months, Bitwise has filed for a number of crypto ETFs including a 10 Crypto Index, Solana ETF, XRP ETF, and most recently, a Dogecoin ETF.
The “Bitwise Dogecoin ETF” is the first filing by any financial institution to bring a DOGE-centric ETF to the US market.
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