As a seasoned analyst with over two decades of experience in the financial markets, I must say that Bitwise’s latest move to propose a Bitcoin-Ethereum ETF is a strategic one, and it’s not hard to see why. With their successful launch of the Bitcoin spot ETF earlier this year and the impressive inflows they’ve received, Bitwise has proven its ability to navigate the complex crypto market effectively.
As a financial analyst, I’m sharing some exciting news about Bitwise, a company on our radar that recently launched a Bitcoin spot ETF. Now, they’re taking it a step further by proposing a crypto mixed-based ETF to the relevant authorities. This potential new ETF could open up more opportunities in the digital asset space.
Based on my analysis, I’ve discovered that as per the S-1 filing made on November 26th, Bitwise Asset Management has put forward a proposal for a Bitcoin-Ethereum spot ETF to the Securities and Exchange Commission (SEC). This suggestion follows the approval of their Bitcoin ETF options product, which was launched for trading last week.
From my perspective as an analyst for a multi-billion dollar Bitcoin ETF provider, our objective is to offer a well-balanced exposure and simplified access to our clients, encompassing the two most prominent cryptocurrencies in terms of market capitalization.
Today, NYSE Arca submitted a proposal for listing a Bitwise Exchange Traded Product (ETP) that would incorporate both Bitcoin and Ether, with weights based on market capitalization. The aim is to provide investors with a well-balanced exposure to the two most significant cryptocurrencies globally in an easily accessible format.
— Bitwise (@BitwiseInvest) November 26, 2024
Approximately 70% of the present cryptocurrency market is dominated by Bitcoin and Ethereum, amounting to around $2.2 trillion in total value. This investment opportunity offers a suggested crypto pick for your portfolio. Being the largest and most mainstream blockchain platforms for DeFi, these digital currencies are expected to be highly attractive to investors.
According to CIO Matt Hougan, Bitcoin and Ethereum are no longer seen as rivals any more so than gold and technology stocks are considered adversaries in an investment context.
Bitwise moves on crypto-based ETF
Due to the launch of their Bitcoin spot ETF earlier this year, the associated company has seen a significant influx of funds, totaling approximately $2.1 billion for their product (BITB). This substantial investment places them as the fourth largest issuer in the market, having attracted billions of dollars.
In July 2024, a company headquartered in San Francisco, California, followed suit with BlackRock and Fidelity by introducing an Ethereum exchange-traded fund (ETF), known as ETHW, on the New York Stock Exchange.
The total inflow they collected for ETHW now reached $390 million, behind Fidelity Ethereum Fund (FETH) with $707 million and iShares Ethereum Trust ETF (ETHA) with $1.8 billion.
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2024-11-27 08:52