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    Bitwise Set to Launch Bitcoin and Ether Exchange-Traded Product on NYSE Arca Amidst Uncertainty with SEC Approval

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    Bitwise, an asset management firm, plans to launch an exchanged-traded product with shares of Bitcoin and Ether via NYSE Arca and has filed the necessary paperwork. Nevertheless, it remains uncertain when the offering will take place or if it will be approved by the Securities and Exchange Commission (SEC). The SEC’s stance toward cryptocurrencies may shift due to impending leadership change and the potential appointment of a new head by President-elect Donald Trump. Other companies have proposed crypto-linked ETFs, reflecting changing attitudes toward cryptocurrency. The SEC has already approved spot Bitcoin and Ether exchange-traded products this year.

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    Bitwise, an asset management firm, wants to launch an exchanged-traded product. This will have shares of Bitcoin and Ether, the world’s two biggest cryptocurrencies. They’re trying to do this through NYSE Arca. Why? They want to make it easy for folks to invest in these cryptocurrencies. They’ve already filed the paperwork (a Form S-1 registration statement). But, we don’t know when this will happen – they just say it’ll be “as soon as practicable”.

    The plan is that the value of the exchange-traded product’s Bitcoin and Ether holdings will copy the relative market value of Bitcoin and Ether to each other. However, we still aren’t sure if the Securities and Exchange Commission (SEC), the U.S. government’s financial watchdog, will allow the product to be listed and traded on NYSE Arca. The SEC is in for a leadership change since its chairperson, Gary Gensler, will be stepping down on January 20.

    It’s also expected that President-elect Donald Trump might appoint a new head for the SEC. Many believe that this change could make things more favorable for crypto starting from 2025, with Trump’s victory and the Republicans gaining control of the U.S House of Representatives and Senate.

    Just to add some more, after the U.S. election, some asset management companies have also proposed ETFs linked to other cryptocurrencies like Hedera (HBAR), XRP (XRP), and Solana (SOL). This is an interesting development and shows how the SEC might handle different crypto offerings. For example, Bitwise filed paperwork for a Solana ETF on November 21.

    This new behavioral change towards cryptocurrencies becomes pretty evident when the SEC approved spot Bitcoin ETF offerings from asset managers for listing and trading on U.S exchanges in January. They even gave green light to shares of spot Ether exchange-traded products in May. So, with all this happening, we’ll have to wait and see how it all unfolds.

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