Cryptocurrency asset manager Bitwise has announced it will be launching two new exchange-traded funds (ETFs) focused on memecoin-grimace-surges-19x">Ethereum futures. The Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF are set to begin trading on October 2nd, pending approval from the Securities and Exchange Commission (SEC).
The ETFs will give investors exposure to Chicago Mercantile Exchange (CME) Ether futures contracts. Bitwise’s Chief Investment Officer Matt Hougan noted Ethereum offers more portfolio diversification compared to Bitcoin, making it appealing for both growth and alternative investors.
Bitwise originally applied for a spot Bitcoin ETF but has since pivoted to launch these futures-based products first. Several other firms like BlackRock, Invesco and Valkyrie also have spot Bitcoin ETF applications pending with the SEC. However, futures ETFs generally face an easier approval process.
The flurry of Ethereum ETF filings comes as the SEC continues to delay decisions on spot Bitcoin funds. However, a recent court ruling in favor of Grayscale could accelerate spot Bitcoin ETF approvals. For now, Bitwise aims to capitalize on surging interest in Ethereum investment products with its futures ETF launch on October 2nd.
