The US SEC approves NYSE Arca's Bitwise Joint Bitcoin and Ether ETF proposal

The SEC has approved Bitwise's Bitcoin and Ether ETF.

The “accelerated approval” lets NYSE Arca offer and trade hybrid fund shares. New York Stock Exchange filed a 19b-4 with the SEC in November 2024.

“After careful review, the Commission finds that the Proposal is consistent with the Exchange Act and rules and regulations.” The SEC decision noted that the measure prevents “fraudulent and manipulative acts and practices.”

Hashdex and Franklin Templeton submitted comparable items that the regulator authorized. Bitcoin and Ether are directly held by both indexes. Hashdex's Crypto Index ETF exposes investors to several cryptos, whereas Franklin Crypto Index ETF tracks the Institutional Digital Asset Index, which tracks Bitcoin and Ethereum.

Asset managers have submitted several crypto ETF proposals, including Doge and Litecoin price trackers. Recently, Bitwise filed for a Dogecoin ETF in Delaware.

SEC Accelerated Approval Signals Faster Crypto ETF Process, Experts Say
The regulator must approve its S-1 registration after the SEC's speedy approval. Form 19b-4 and S-1 registration must be approved before the fund may trade on the exchange.

However, ETF analysts predict the SEC's action. Bloomberg senior analyst Eric Balchunas predicted Gensler's SEC would accept them.

However, they authorized in 45 days instead of 240. I hope this means the new SEC will be speedier, but I don't know,” he wrote on X.

The expert also expected Litecoin acceptance.

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