Bitwise files for a spot ether ETF

As part of its 19b-4, the potential issuer included a correlation analysis of ETH that’s “substantially similar” to the BTC analysis done by the SEC before it approved the spot bitcoin ETFs

article-image

Artwork by Crystal Le

share

Bitwise filed for a spot ethereum ETF on Thursday. 

The company, which launched a spot bitcoin ETF back in January, also has an ethereum futures ETF, known as the Bitwise Ethereum Strategy ETF (AETH). 

The potential issuer dropped its 19b-4 and S-1 documents side-by-side Thursday, following Fidelity, which filed its S-1 for its proposed fund earlier this week.

Unlike some of its potential competitors, the Bitwise S-1 lacks any language around staking. Ark 21Shares, Fidelity and a few others included such language in earlier filings. 

Read more: Ark 21Shares amends spot ether ETF proposal to include staking language

Bitwise would list the ETF on the NYSE, similarly to its bitcoin ETF. The S-1 didn’t include a ticker or fee. 

The 19b-4 did, however, include a correlation analysis designed to “replicate the specific methodology used by the [Securities and Exchange Commission].”

Loading Tweet..

“We believe the results show strong correlation between the ETH spot market and CME ETH futures market, at a level substantially similar to the findings of the SEC’s analysis in the spot bitcoin ETF approval order,” Bitwise wrote in a post on X.

Read more: Fidelity takes another step toward spot ether ETF, but hurdles likely remain

Hope around a May approval for the proposed ether ETFs has dwindled in the last month, as Bloomberg analysts Eric Balchunas and James Seyffart noted that the SEC has yet to engage with potential issuers. Within a few months of the spot bitcoin ETF approval — which happened in January — the SEC was engaged with issuers to hash out key details.

Grayscale’s Craig Salm said that he doesn’t think the “perceived lack of engagement from regulators should be indicative of one outcome or another.”

Loading Tweet..

“Spot Ethereum ETFs will gather more assets if they launch in December vs. if they launch in May. [Traditional finance] needs more time to digest the bitcoin ETFs,” Matt Hougan, Bitwise’s chief investment officer, said at the Digital Assets Summit earlier this month. 

The SEC has delayed multiple decisions on the spot ETH ETFs, as expected, until late May. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

LTIPPanalysis.png

Research

This report is a retroactive analysis of Arbitrum's Long Term Incentives Pilot Program (LTIPP). We collect relevant data at a protocol level and review bi-weekly updates to analyze recipients, their strategies, and the impact of the incentives on high level growth metrics. In particular, we want to highlight outperformers and underperformers, and glean any best practices or lessons learned for protocols distributing ARB incentives in the future. The overarching goal is to synthesize lessons learned that the DAO can reference as it begins thinking about future incentives programs–namely, the working group for incentives that is being actively discussed–especially as Timeboost introduces new conditions for trading and economic activity.

article-image

Ledn’s John Glover gives some price targets to watch for bitcoin

article-image

Sponsored

AI project Zerebro intersects the spheres of artificial intelligence, finance, art, music, and culture

article-image

Allmight is focused on furthering the United States’ leadership in crypto

article-image

The conditions Charles Schwab is waiting for before jumping headfirst into crypto could take shape soon

article-image

The FCA’s director of payments and digital assets shared some takeaways from chats with crypto companies and law firms

article-image

Let’s take a look at how US equities typically perform this time of year and what we might see in the coming days