Bitwise submits application to SEC for spot Ether ETF listing

Bitwise, an asset management firm, has submitted a filing with the United States Securities and Exchange Commission (SEC) to list and trade shares of a spot Ether (ETH) exchange-traded fund (ETF). The company filed a Form S-1 registration statement on March 28, as there were speculations that the SEC might classify Ether as a security, which could impact the future of spot ETF listings. In addition, Bitwise plans to list shares of the ETH investment vehicle on NYSE Arca, following the approval it received from the SEC earlier this year for its spot Bitcoin (BTC) ETF. The SEC’s decision on the spot ETH ETF applications is expected by May 23, with VanEck being the first to undergo the approval process. While many experts are optimistic about approval in 2023, there are suggestions that the SEC could deny the applications and postpone the approval to 2024. Other firms, including Fidelity, Hashdex, and ARK 21Shares, also have pending spot ETH ETF applications awaiting approval or denial. The SEC has already started approving investment vehicles linked to Ether futures since October 2023.