Crypto Specialist Bitwise’s First-Ever Spot Ethereum ETF Receives Key SEC Approval

By: Bitwise Asset Management via Business Wire

May 23, 2024 at 17:21 PM EDT

Firm expects many bitcoin ETF investors will diversify their crypto holdings if the fund launches.

Bitwise Asset Management, the premier crypto specialist and largest crypto index fund manager in America, announced today the historic approval of the New York Stock Exchange’s 19b-4 filing for Bitwise’s first spot Ethereum ETF. Bitwise intends for the fund to begin trading once the SEC declares its S-1 Registration Statement effective.

“We’ve long said that Ethereum is the most exciting programmable blockchain and targets a completely different use case than bitcoin,” said Bitwise CIO Matt Hougan. “It’s the global supercomputer that’s home to many of crypto’s biggest real-world use cases. Thanks to today’s news, we’re much closer to offering investors professionally managed exposure to ETH, the asset that fuels the Ethereum blockchain, in a format that’s as familiar and easy to trade as a stock. That’s exciting progress indeed.”

Ethereum has become the foundation for some of the most popular applications of crypto today, from stablecoins and non-fungible tokens (NFTs) to decentralized finance and tokenization. In recent years, many of the world’s top global brands, including Nike, Starbucks, Tiffany & Co., and JPMorgan, have built projects on the Ethereum blockchain. The blockchain’s growing popularity has driven ETH, the asset that powers it, to a market cap of more than $450 billion—second only to Bitcoin among digital assets.¹

“We started Bitwise to give investors exposure to one of the greatest technological innovations in a generation: crypto,” said Bitwise CEO Hunter Horsley. “Days like today reinforce the importance of that mission. It also gives us great hope as we witness crypto’s unflagging march to the mainstream. We look forward to a day soon when investors can readily access one of the most dynamic assets in crypto.”

Founded in 2017, Bitwise partners with more than 4,000 advisor teams, RIAs, family offices, and institutions to serve tens of thousands of investors. The firm today offers a suite of six crypto-linked ETFs, which would grow to seven with the addition of the spot Ethereum ETF, along with 13 other crypto investment products.

For more information, visit www.bitwiseinvestments.com.

Notes

(1) Source: CoinMarketCap as of May 22, 2024.

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About Bitwise Asset Management

Bitwise Asset Management is the largest crypto index fund manager in America. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For six years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. Bitwise is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 60 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium, ETF.com, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco and New York. For more information, visit www.bitwiseinvestments.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240523696251/en/

Contacts

Frank Taylor/Ryan Dicovitsky

Dukas Linden Public Relations

Bitwise@DLPR.com

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Crypto Specialist Bitwise’s First-Ever Spot Ethereum ETF Receives Key SEC Approval

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