Ethereum and Bitcoin ETF Applications Flood In
In the recent surge of applications for Ethereum futures exchange-traded funds (ETFs), both Bitwise and ProShares have submitted additional applications for ETFs that provide exposure to both Ethereum and Bitcoin.
Key Points:
- ProShares filed for an ETF backed by an equal weight of Ethereum and Bitcoin, tracking the performance of the Bitcoin and Ether Equal Weight Index.
- ProShares also submitted applications for a dual Bitcoin and Ether futures strategy ETF, a short Ether strategy ETF, and an Ether strategy ETF.
- Bitwise applied for a Bitcoin and Ether Market Weight ETF, as well as an equal-weight index version of the Bitcoin and Ether ETF and an Ether Futures ETF.
- The Securities and Exchanges Commission (SEC) has received 12 applications for an Ether strategy ETF from ProShares.
- The flood of applications is driven by the success of Volatility Shares’ 2x Bitcoin Futures ETF in June, leading to increased hope for an Ethereum futures ETF approval.
SEC Under Pressure as Cryptocurrency ETF Applications Multiply
The SEC is currently reviewing numerous Bitcoin and Ethereum ETFs, with the possibility of approving multiple ETFs by the end of the year. The pressure is on the SEC to move beyond “vanilla” crypto futures and consider different instruments within the crypto space.
Hot Take:
With the flood of ETF applications for Ethereum and Bitcoin, it’s clear that the demand for cryptocurrency investment products is growing. As more options become available to investors, the crypto sector’s exposure will increase, potentially leading to further adoption and market growth.
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