SEC Fast-Tracks Bitwise's Bitcoin-Ethereum ETF, Signaling Broader Crypto Acceptance

On Thursday, the U.S. Securities and Exchange Commission expedited approval for the Bitwise Bitcoin and Ethereum ETF, allowing it to be listed and traded on NYSE Arca. 

Bitwise’s hybrid ETF will offer investors direct exposure to Bitcoin (BTC) and Ethereum (ETH) in a single fund with Coinbase’s custody business to oversee the fund’s holdings. 

“I really want to interpret this as a sign the new SEC will be faster, but no way to know really,” Bloomberg senior ETF analyst Eric Balchunas wrote on X, following Bitwise dual ETF’s approval.

The SEC’s approval reflects its recent trend of clearing crypto investment products, including Nasdaq and Cboe BZX’s listing of Hashdex and Franklin Templeton ETFs in December, signaling a broader acceptance of digital assets under the Trump administration’s more industry-friendly stance.

The Bitwise fund's asset allocation includes market capitalization proportions, currently comprising 83% Bitcoin and 17% Ethereum, according to the latest filing.

It will determine these weights by multiplying each asset’s pricing benchmark by its circulating supply.

The fund’s net asset value, meanwhile, will be calculated daily at 4:00 p.m. ET, using price benchmarks that aggregate real-time trade data from major exchanges.

Bitwise has been aggressively expanding its lineup of crypto-based investment products. It has already rolled out its Bitwise Bitcoin and Ethereum ETFs, which are actively trading on U.S. stock exchanges. 

The firm also filed for a Dogecoin (DOGE) ETF last week amid rising institutional interest in meme-based tokens. 

In October 2024, Bitwise also applied for an XRP ETF, followed by a Solana (SOL) ETF in November, diversifying its offerings beyond Bitcoin and Ethereum.

The rush comes amid speculation that the SEC’s new leadership will continue approving more digital asset investment vehicles.

Bitwise itself has pointed to a shifting market cycle fueled by regulatory tailwinds in a Thursday tweet, “With Washington embracing digital assets like never before, the impact of this shift could extend the current bull run into 2026 and beyond.”

While Bitwise’s Bitcoin and Ethereum ETF has cleared its 19b-4 approval, it still requires SEC approval of its Form S-1 registration before trading can officially begin. 

The S-1 review process will evaluate the fund’s compliance with disclosure and investor protection requirements.

BTC is down 0.2% to $104,331, while ETH has gained 1.2% to $3,234.15, CoinGecko data shows.

Edited by Sebastian Sinclair