Bitwise, one of the publicly traded companies that launched the Bitcoin Spot ETF in January, proposed a mixed-cryptocurrency-based ETF to regulators.
According to a Nov. 26 S-1 filing, Bitwise Asset Management Pro.A spot ETF based on Bitcoin and Ethereum has been filed with the Securities and Exchange Commission (SEC). The proposal comes after the company's Bitcoin ETF options product was approved for trading and released last week.
As a multi-billion dollar Bitcoin ETF issuer, the company aims to provide customers with balanced exposure and easy access between the two largest cryptocurrencies by market capitalization.
Bitcoin and Ethereum account for more than 70% of the current cryptocurrency market capitalization, which is approximately $2.2 trillion. This fund allows investors to acquire recommended cryptocurrencies for their portfolio. Both cryptos, which are the largest and most mainstream blockchains used for DeFi, “are set to be big hits among investors.”
“Bitcoin and Ethereum are not competitors any more than gold and tech stocks are competitors,” CIO Matt Hogan said in a press release.
Move bit by bit with cryptocurrency-based ETFs
Since the product was released earlier this year, the company that issued the Bitcoin Spot ETF has seen up to $2.1 billion in inflows into its product (BITB). The inflows make the company the fourth largest issuer, attracting billions of dollars in inflows.
The San Francisco, California-based firm joined the wave of BlackRock and Fidelity in launching the Ethereum Spot ETF (ETHW) on the New York Stock Exchange in July 2024.
Their total inflows into ETHW now stand at $390 million, second only to Fidelity Ethereum Fund (FETH)'s $707 million and iShares Ethereum Trust ETF (ETHA)'s $1.8 billion.
