On Thursday, the US SEC agreed to submit NYSE and listed and traded the shares of Bitwise Etherneum and Bitcoin Exchange-Traded Fund (ETF).
According to the statement, the securities watchdog announced approval on an acceleration basis. SEC emphasized that NYSE ARCA has found a proposal that matches the exchange method applied to the National Stock Exchange and the rules.
SEC approval
For context, NYSE officially submitted a Bitwise Spot Bitcoin and Etherneum ETF shares on November 26, 2024 to list and trade. After that, it was submitted to the Federal Registration Book on December 16, 2024 and submitted a modified application on January 21, 2025. 。
This investment product aims to expose investors to Bitwise Bitcoin and Ethereum based on the weight of market capitalization. Following the review, SEC has found that the filing of NYSE ARCA is the same as the previous Spot Bitcoin ETF and resembles the proposal of the Spot Ethereum ETP approved in the past.
“The revised application of NYSE ARCA is similar to the filing of other spot bitcoin and spot ether ETP approved by the committee, so the committee proposes an excerpt from the SEC notification, an acceleration basis. I found a legitimate reason to approve.
This development will be conducted a month after the US SEC approves the same product from Hashdex and Franklin Templeton. As previously reported, Hashdex ETF is traded in Nasdaq, but investors can trade Franklin funds with Cboe BZX.
Bloomberg ETF analyst reaction says that Litecoin ETF is next.
In a tweet, Eric Baltunas, a Bloomberg senior ETF analyst, has revealed his previous expectations for the SEC approved Bitise Dual Bitcoin and Ethereum ETF.
However, Barknas pointed out that the SEC issued this decision in 45 days compared to the expected waiting time on 240 days, and the approval will be faster. In particular, Balchunas hopes that the speed of approval indicates that the current SEC leadership is faster.
He further emphasized that submission of ETFs related to Litecoin was in the next row to consider.
It was news, but it was expected. Even Gensler’s SEC approves these. Nevertheless, they approved in 45 days waiting for 240 days. I really want to interpret this as a sign. The new SEC is faster, but there is no way to know. Litecoin on the deck, immediately know https://t.co/xqlxushuyn
-Eric Barchunas (@ERICBALCHUNAS) January 31, 2025
The Crypto ETF application rises sharply
Remember that the previous administration was hesitant to approve Bitcoin and Ethereum’s spot ETF. However, the ultimate approval was made after the court order was obliged to reconsider the Grayscale decision, which converts the SEC to a spott ETF.
In January 2024, SEC approved multiple spot -bit coin ETFs. A few months later, some applications for SPOT Ethernereum ETF were approved.
Following the re -election of Donald Trump, some asset management companies have submitted multiple cryptographic applications, including recently approved NYSE ARCA. These companies want to introduce more cipher ETFs using Trump’s parent crypto support.
Interestingly, other future publishers have submitted ETFs to track Altcoin prices such as XRP, Solana, Dogecoin, and Litecoin. The potential approval of these applications has increased significantly with the start of the parent crypto administration, led by Trump.
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