The U.S. Securities and Exchange Commission (SEC) is currently seeking public opinion on a new exchange-traded product (ETP) proposed by crypto firm Bitwise. This new ETP, which is in the form of an exchange-traded fund (ETF), would hold a combination of Bitcoin (BTC) and Ethereum (ETH) in order to further advance Bitwise’s application.
The SEC has invited interested individuals to submit their written data, views, and arguments regarding Bitwise’s proposed rule change and whether it aligns with existing laws. Bitwise, in a social media post on platform X, outlined that the goal of their dual ETP is to provide traders with easy access to the two largest digital assets by market capitalization.
This new type of ETP, known as a spot market ETF, allows investors to gain exposure to specific assets like precious metals or cryptocurrencies without having to physically purchase them. The SEC filing states that Bitwise’s ETP will function similarly to previously approved Spot Bitcoin and Spot Ether ETPs.
Bitwise initially announced its plan to launch a BTC and ETH ETF back in November when they filed an S-1 registration statement with the SEC. Currently, BTC is trading at $100,786 and ETH at $3,890.
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Overall, the SEC’s request for public opinion on Bitwise’s new ETP highlights the growing intersection between traditional finance and the cryptocurrency industry. As regulations continue to evolve, it will be interesting to see how this new ETP shapes the future of digital asset investment.