Bitwise submits application to SEC for listing spot Ether ETF.

Bitwise, an asset management firm, has submitted a filing to the United States Securities and Exchange Commission (SEC) to list and trade shares of an exchange-traded fund (ETF) focused on Ethereum (ETH). This move comes amidst speculation that the SEC may classify Ether as a security, which could impact the future listing of spot ETFs. Bitwise plans to list the ETH investment vehicle on NYSE Arca, following its previous success in gaining SEC approval for a Bitcoin (BTC) ETF earlier this year. The SEC has until May 23 to approve or deny the pending ETH ETF applications, with VanEck’s application being the first in line. While many experts are hopeful for approval in 2023, there are concerns that the SEC may deny the applications. Other firms, including Fidelity, Hashdex, and ARK 21Shares, also have pending ETH ETF applications. The SEC began approving investment vehicles tied to Ether futures in October 2023.