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 On the Margin newsletter.

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

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.

article-image

The former Valkyrie CEO chats with Blockworks about what she has her eye on as Cypherpunk Holdings’ new leader

article-image

Thursday’s CPI report shows prices are coming down more quickly than analysts had anticipated, renewing hope that central bankers will cut rates in the fall

article-image

If we tokenize all assets in a speculative rush, the risk of creating illiquid markets and trapped value will manifest on a large scale

article-image

Plus, Trump is headed to the heart of Bitcoinlandia with a speaking appearance at the Bitcoin 2024 conference

article-image

Meanwhile, stocks rally after Jerome Powell finishes his Capitol Hill tour

article-image

Plus, Blinks have reshaped many people’s understanding of what blockchains are capable of