Bitwise Applies to SEC for Listing Spot Ether ETF Amid Regulatory Uncertainty
Summary:
Bitwise, an asset management firm, has applied to the U.S. Securities and Exchange Commission (SEC) to list and trade a spot Ether (ETH) Exchange-Traded Fund (ETF). The request comes amid uncertainty over the SEC's potential classification of Ether as a security. The decision, which could affect several pending applications including those from firms like Fidelity, Hashdex, and ARK 21Shares, is expected by May 23.
Bitwise, the asset management company, recently submitted an application to the United States Securities and Exchange Commission (SEC) requesting approval to list and trade an Ether (ETH) spot Exchange-Traded Fund (ETF) as detailed in a registration, Form S-1, on March 28. This submission occurred during a period of suspicion regarding the SEC' plans to categorize Ether as a security, which would put any future listing of spot ETF's in jeopardy. An amendment filing, 19b-4, with the SEC revealed Bitwise's intention to list its ETH ETF on the NYSE Arca, following the firm being one of the first to receive SEC's authorization to list and trade a spot Bitcoin (BTC) ETF earlier in January.
Accordingly, on May 23, the SEC must confirm or dismiss the subsequent batch of applications for spot ETH ETFs, such as VanEck's proposed fund. Despite much optimistic forecast for approvals in 2023, there have been suggestions that the commission might reject applications moving into 2024.
Several companies, including Fidelity, Hashdex and ARK 21Shares, have spot ETH ETF applications awaiting either approval or rejection. It's worth mentioning that the SEC started sanctioning Ether futures linked investment vehicles in October 2023.
Published At
3/28/2024 11:49:46 PM
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