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The U.S. Securities and Exchange Commission (SEC) has approved a groundbreaking exchange-traded fund (ETF) from Bitwise that combines Bitcoin 
$105,161 and Ethereum 
$2,524. This product, launched in collaboration with NYSE Arca, allows investors to track these two cryptocurrencies through a single regulated vehicle. The SEC’s decision follows approvals of similar applications from Hashdex and Franklin Templeton, indicating a growing trend of ETF applications in the cryptocurrency market and the expansion of the regulatory framework.
Bitwise Merges Two Cryptocurrencies for the First Time
Bitwise’s ETF is the first product to combine Bitcoin and Ethereum weighted by market capitalization. The fund provides direct exposure to spot cryptocurrency assets. The 19b-4 form submitted by NYSE Arca to the SEC last November has resulted in this official approval.
Institutional investors find these types of ETFs to be a safer entry into the cryptocurrency market. Experts suggest that ETFs for significant assets like Bitcoin and Ethereum can enhance liquidity in the market. The SEC’s decision may accelerate the acceptance of cryptocurrencies within the financial system.
Competition in Cryptocurrency ETFs Intensifies
The SEC’s green light for Bitwise has spurred other companies into action. Hashdex is already on the market with an ETF tracking a basket of multiple cryptocurrencies. Franklin Templeton plans to introduce its own product in January 2024, while asset management firms are preparing ETF applications for alternative cryptocurrencies like Dogecoin 
$0.232797 and Solana 
$173.
Coinbase has submitted an application to list futures products based on Solana and Hedera. This initiative may contribute to the growth of the cryptocurrency derivatives market. However, regulatory uncertainties could slow down the approval process for new products.
Recent steps by the SEC support the institutionalization of the cryptocurrency market. The increase in ETFs allows investors to diversify their portfolios while strengthening strategies against market volatility. Experts emphasize that a clear stance from regulatory bodies is crucial for long-term growth.
