The U.S. Securities and Exchange Commission (SEC) approved the Bitwise Bitcoin and Ethereum exchange-traded fund (ETF) for NYSE Arca to register and conduct share trading operations.
The ETF obtained SEC approval on January 30, 2025 to invest in Bitcoin and Ethereum while maintaining cash reserves that provide investors with market cap exposure to these leading cryptocurrencies.
The SEC’s approval represents a new phase in the development of crypto-related ETFs. Grayscale applied for a spot XRP ETF to the SEC while simultaneously submitting proposals for Litecoin and Solana ETFs.
The Bitwise approval demonstrates a rising trend of institutional investment in digital assets among financial companies that offer crypto investment products. The SEC approved the Bitwise ETF filing but the ETF requires S-1 registration approval to start trading.
The review process will verify that the proposed product meets regulatory standards and investor protection regulations.The SEC demonstrates a new direction in its policy regarding cryptocurrency exchange-traded funds.
The regulatory framework for digital assets continues to develop as VanEck and ProShares pursue authorization for ETFs that track Litecoin and XRP assets. The cryptocurrency investment company Bitwise continues to expand its product range through its application for a Dogecoin ETF.
The Bitcoin price increased by 1.13% to $104,612.69 after the announcement and Ethereum rose 4% to $3,269 as market sentiment improved due to the approval.
Also Read: Bitwise Proposes DOGE ETF Amid Pro-Crypto Trump Policies
