In a strategic move that mirrors recent actions by Valkyrie Funds, Bitwise Invest has filed an updated prospectus to transition its Bitcoin futures ETF (BITC) into the “Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF”. This shift, set to take effect on October 9, 2023, is seen by many as a tactical play in the race to establish the first Ethereum Futures ETF in the US.
Key Points:
– Bitwise Invest has filed an updated prospectus to change its Bitcoin futures ETF into the Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF.
– This move is similar to the recent action taken by Valkyrie Funds.
– The effective date for the transition is October 9, 2023.
– Both Bitwise and Valkyrie are attempting to bypass the traditional queue of Ethereum futures ETFs awaiting approval from the SEC.
– The likelihood of these ETFs receiving approval from the SEC seems to be increasing over time.
Hot Take:
The race to launch the first Ethereum futures ETF in the US is heating up, with Bitwise Invest joining Valkyrie Funds in attempting to bypass the traditional queue. As the days pass, the chances of these ETFs getting approval from the SEC seem to be on the rise. This development signifies a maturing market and growing institutional interest in Ethereum. The crypto community will be closely watching to see which firm successfully launches the first Ethereum futures ETF, which could have a bullish impact on the spot market.
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