NYSE Arca to list Bitwise Bitcoin and Ethereum ETF
Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Jan 31, 2025 04:39AM ET
The U.S. Securities and Exchange Commission (SEC) gave the green light for NYSE Arca to list and trade shares of Bitwise's Bitcoin and Ethereum exchange-traded fund (ETF). The approval was granted on an "accelerated basis," signifying a positive step for the cryptocurrency market within the regulatory landscape.
The SEC's decision aligns with Section 6(b)(5) of the Exchange Act, which mandates that exchange rules must aim to prevent fraudulent and manipulative acts and practices and protect investors and the public interest. The Bitwise Bitcoin and Ethereum ETF will offer investors exposure to both Bitcoin and Ethereum, holding these assets along with cash.
This move comes amid a shift in the regulatory environment, with several firms filing for new crypto products with U.S. financial watchdogs.
The previous hesitancy towards Bitcoin ETFs, as seen during former SEC Chair Gary Gensler's tenure, seems to be changing, highlighted by recent court orders and a more open stance towards such products.
In the days leading up to Inauguration Day, companies like VanEck and ProShares made multiple filings for crypto ETFs that would trade Litecoin, XRP, and Solana. Additionally, Coinbase (NASDAQ:COIN) Derivatives has expressed interest in listing SOL and Hedera futures, which would be regulated by the Commodity Futures Trading Commission.
The SEC has shown an increasing willingness to approve crypto-related products, as evidenced by previous approvals in December 2024. Both Nasdaq and the Cboe BZX Exchange received authorization to list and trade shares of crypto index ETFs from Hashdex and Franklin Templeton.
The recent approval of the Bitwise Bitcoin and Ethereum ETF further reflects this trend and offers investors a new avenue to gain exposure to the leading cryptocurrencies.
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