US SEC Gives Initial Approval to Combined Bitcoin, Ether ETF
- Novel fund would offer exposure weighted by market value
- Pro-crypto Trump administration has galvanized issuers
The US Securities and Exchange Commission (SEC) headquarters in Washington, DC.
Photographer: Kent Nishimura/BloombergThe US Securities and Exchange Commission on Thursday approved part of an application for a novel exchange-traded fund that would track the two largest cryptocurrencies.
The Bitwise Bitcoin and Ethereum ETF from Bitwise Asset Management would seek to provide investors with a balanced exposure to the two digital assets, weighted by their market capitalization. The structure of the fund will be similar to existing ETFs that hold either Bitcoin or Ether directly.