Investment firm Bitwise filed an application on March 28 with the SEC to launch a spot-based Ethereum ETF. This follows a similar filing by Fidelity earlier in the week.
In contrast to several rivals, Bitwise does not address staking in its filing—a practice that the SEC has already examined. The company claims that by incorporating a correlation analysis “substantially similar” to what persuaded the SEC to approve spot Bitcoin ETFs, its application answers the concerns raised by the SEC.
According to the 19b-4 filing ,Bitwise intends to list the ETF on the NYSE, similar to its existing Bitcoin ETF. Although Bitwise’s original registration lacked certain details, such as fees and a ticker symbol, the correlation analysis indicates that Bitwise made an effort to comply with SEC regulations.
Although there are expectations that spot Ether ETFs will be approved in May, analysts caution that the SEC has not yet communicated with applicants, in contrast to the expeditious talks that followed the approval of spot cryptocurrencies.
Bitwise believes that more time is required for traditional finance to adjust to Bitcoin ETFs before adopting Ether ETFs.
Also read:VCs Returns to Cryptocurrency “aggressively” After Bitcoin’s Surge
