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The U.S. Securities and Exchange Commission (SEC) has finally approved Bitwise’s proposal for a combined Bitcoin(BTC) and Ethereum(ETH) exchange-traded fund (ETF). The approval marks a significant milestone in the development of this type of investment vehicle, which could have far-reaching implications for the crypto market.
In order to proceed with public trading, Bitwise must now receive approval on its S-1 filing. Bloomberg ETF analyst James Seyffart suggests that the regulator’s accelerated approval coincides with the first deadline, following similar greenlights for Hashdex and Franklin Templeton filings. As such, it is reasonable to expect that the combined ETF will be available for trading soon.
The approval also paves the way for more comprehensive index-based crypto ETFs, as noted by Nate Geraci, president of ETF Store. He believes that this development brings the market closer to the realization of full index-based and actively managed spot crypto ETFs. However, it is important to note that previous SEC decisions had delayed certain filings, including Grayscale Digital Large Cap and Bitwise 10 Crypto Index, until early February and March, respectively.
Seyffart highlights recent S-1 movements, indicating that the combined BTC and ETH ETF could start trading soon. With this approval in place, it’s clear that we’re on the cusp of a significant turning point in the crypto market.
Source: ambcrypto.com
