Bitwise files for Spot ETH ETF but wants SEC to wait till December

Bitwise has recently filed for a spot in Ethereum ETF with the US Securities Exchange Commission (SEC). The technology solutions provider wants to leverage the success of the Bitcoin ETFs in the US. However, Bitwise has expressed hope that the SEC will wait until December to make the final decision.

The latest filing reveals that Bitwise wants to list the ETF on the NYSE Arca Exchange. The company will assign Coinbase custody as the asset’s custodian. According to an official tweet by Bitwise, the company is publishing a correlation analysis for the new ETF filing.

It will be the first ETH correlation analysis to imitate the methodology the SEC used to evaluate BTC. The company has assured customers that the results derived from the analysis are encouraging.

Bitwise made news recently by becoming the fifth biggest BTC ETF issuer. However, the company seems to have taken a reserved approach with the ETH ETF. The CIO of Bitwise, Matt Hougan, also commented on the situation.

According to Hougan, it’d be better for the market if ETH ETFs were pushed till December 2024. Spot ETH ETFs are likely to gather more assets only if they are launched in December versus if they are launched in May. TradFi requires more time to get acquainted with the BTC ETFs, so the CIO was added.

The message has been echoed by Bitwise officials for a while now. The company is adamant that the market needs more time to digest Bitcoin ETFs and completely embrace Ethereum ETFs.

In a recent interview, the company officials stated that ETH ETFs will be successful with a March launch; the ETF will attract billions of dollars. However, the ETFs will be even more successful if launched in December.

The chances of the SEC approving ETH ETFs in May 2024 are low. Experts have drastically changed their expectations surrounding the approval from 70% to 35% in May. CoinShares officials believe a Q3 approval is likely for the ETFs instead of May.

The SEC is known for postponing crypto-related assets, so the market might have to wait a bit before the ETH ETFs get approval.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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