SEC Greenlights NYSE Listing for Bitwise Bitcoin and Ethereum ETF
The US Securities and Exchange Commission (SEC) has approved a filing from the New York Stock Exchange (NYSE) to list Bitwise's Bitcoin and Ethereum exchange-traded funds (ETFs). The expedited approval was due to the ETF's structural similarities with previously sanctioned spot crypto ETFs.
Key Details
- The ETF complies with Section 6(b)(5) of the Exchange Act, designed to prevent fraud and protect investors.
- This marks the second joint crypto ETF approved by the SEC recently, following the Hashdex and Franklin Templeton ETFs in December 2024.
- Bitwise's ETF will focus solely on Bitcoin and Ethereum, calculated using their market capitalizations of $2.7 trillion and $394 billion, respectively.
- Management will be handled by Bitwise Investment Advisers; Coinbase is the digital assets custodian, while Bank of New York Mellon serves multiple roles including cash custodian.
Broader Context
- Recent approvals coincide with a surge in crypto ETF applications in early 2025.
- Notable filings include Bitwise's ETF focused on meme coins and Cboe's submissions for Solana ETFs from various asset managers.
- Leadership changes at the SEC, including the recent appointment of Mark T. Uyeda as acting chair, may influence regulatory approaches towards crypto ETFs.