The ETP would feature market cap-weighted exposure to spot bitcoin and ether in a low-cost, easy-to-access format.

Bitwise Asset Management, a crypto specialist asset manager with over $11 billion in client assets, announced today that NYSE Arca has filed to list a Bitwise exchange-traded product (ETP) that would feature exposure to both spot bitcoin and ether, weighted by market capitalization. Per the filing, the ETP would directly hold both assets.

The ETP’s launch is pending approval of the Form 19b-4 filing as well as the effectiveness of a Form S-1 registration statement.

Bitcoin and ether are the world’s two largest crypto assets, with a combined market cap of $2.25 trillion—roughly 70% of the $3.2 trillion global crypto market.¹ Importantly for investors, the two assets have distinct use cases, fundamental drivers, and historical return patterns. As the first and largest crypto asset, bitcoin is viewed primarily as a monetary asset or digital store of value whose underlying blockchain is optimized for security. Ether, on the other hand, fuels the Ethereum blockchain, the dynamic software platform that has become home to some of crypto’s biggest real-world use cases: stablecoins, decentralized finance (DeFi), non-fungible tokens (NFTs), tokenization, and more.

“Bitcoin and ether aren’t competitors any more than gold and tech stocks are competitors,” said Bitwise CIO Matt Hougan. “So when investors ask us which is better to add to their portfolio, often our answer is ‘both.’ This fund aims to make that recommendation easy and actionable, providing balanced exposure to the world’s two largest crypto assets. I think it’s going to be a huge hit with investors.”

The 19b-4 filing is the latest in a series of highlights for Bitwise. During 2024, the firm:

• launched spot Bitcoin and spot Ethereum ETPs that have collectively amassed $4.2 billion in assets to date;
• acquired European crypto asset manager ETC Group and institutional staking provider Attestant;
• filed an S-1 for an XRP ETP;
• launched an Aptos staking ETP in Europe;
• filed to uplist the world’s largest crypto index fund to become an ETP;
• launched a staking service for Ethereum Layer 2 blockchain Starknet; and
• filed a 19b-4 for a spot Solana ETP.

Today, Bitwise’s suite includes ETPs, index funds, alpha and SMA strategies, and staking solutions spanning over 30 products in the U.S. and Europe. Since 2017, Bitwise has served as a specialist partner to thousands of investment professionals and financial institutions looking to understand and access crypto assets.

RISKS AND IMPORTANT INFORMATION

No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.

Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.

Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.

Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.

The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.

¹ Source: CoinMarketCap as of November 25, 2024.

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