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Asset management company Bitwise has submitted a revised application to the US Securities and Exchange Commission (SEC) to convert its Bitcoin futures exchange-traded fund (ETF) into a Bitcoin and Ethereum-based equally weighted futures ETF. This move is similar to Valkyrie, a crypto-focused investment firm, revising its Bitcoin Strategy ETF to a Bitcoin & Ethereum Strategy ETF amidst the influx of Ethereum-focused ETF applications.
Bitwise Revises Bitcoin and Ethereum Strategy ETF
According to the application submitted to the US federal regulatory agency SEC on August 10, Bitwise has revised its Bitcoin Strategy Optimum Roll ETF to Bitcoin & Ether Equal Weight Strategy ETF. The ETF abbreviation, previously BITF, has been changed to BTOP.
Bloomberg ETF analyst James Seyffart noted that the effective date of the revision will be October 9. This move is in response to Valkyrie’s recent revision of its Bitcoin Strategy ETF to a Bitcoin and Ethereum Strategy ETF.
SEC Could Approve an Ethereum Futures ETF at Any Time
Seyffart stated in his assessment following the revision in the ETF, “We are in a new phase. It has been 13 days since Volatility Shares’ Ethereum futures ETF application was first in line amidst the influx of applications. In 2021, the SEC forced applicants to withdraw their applications a few days after applying for ETFs. As time goes on, the likelihood of such an ETF being launched into the market increases.” Eric Balchunas, another Bloomberg ETF analyst, added that the SEC requested applicants to withdraw their applications within 5-6 days of the arrival of Ethereum futures ETF applications.
According to Bloomberg analysts, who emphasized that the 13th day has been reached without any withdrawal request, the US federal regulatory agency appears to be ready to give the green light to an Ethereum-based futures ETF. Analysts suggest that such an ETF could be launched in mid-October.
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