The SEC approved Thursday part of a new exchange-traded fund application that will track two of the largest cryptocurrencies.
Bitcoin and Ethereum ETFs will seek to provide investors with balanced exposure to two digital assets and weighted by their market capitalization. The structure of the fund will be similar to existing ETFs that hold directly on Bitcoin or Ether.
The U.S. regulator in the U.S. application approved the so-called Form 19b-4, which is a step in the process that can enable the product to start trading. The fund still needs to approve its pending registration application, called S-1 – both of which are required to start trading.
Last November, Bitwise submitted paperwork to regulators after the U.S. presidential election, which ushered in President Donald Trump’s crypto-friendly administration. Republicans have pledged to implement support regulations against digital asset management, part of a plan to make the United States the world’s crypto capital.
Now, investment companies are offering proposals to the SEC to start more crypto portfolios. “The issuer is using unique documents including the Memecoin ETF to explore the boundaries of the SEC,” Nathan Dean, senior government analyst at the Bloomberg Intelligence Agency, wrote in a note.
For example, Bitwise proposes an ETF that can track Dogecoin. This crypto recording is a prototype monument, a symbolic symbolic without inherent value, whose price drops under the capricious spotlight of social media.
The SEC also received applications to track ETFs like XRP, Solana and Litecoin and claimed to be based on some utility.
U.S. ETFs invested directly in Bitcoin investment in early 2024 and proved to be a significant success because the biggest cryptocurrency role (although controversial) is the modern value store. The total assets of a two-product group, including Bitwise, exceed US$121 million (approximately Rs 10,47,573 crore). Ether funding then has more than US$11 billion (about Rs 95,233 crore).
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