- So, the U.S. SEC has given a thumbs up to Bitwise’s BTC and ETH ETF. Who knew they could be so generous?
- Signing off on the S-1? It’s like giving a kid a cookie and saying, “But only one!”
Alright, folks, the U.S. SEC has finally decided to play nice and approved Bitwise’s combined Bitcoin 
and Ethereum 
ETF. This is like the first step in a long, awkward dance.
On January 30th, the regulator gave the green light to the issuer’s 19b 4 filing via the New York Stock Exchange. They’re only allowing 10,000 daily shares to be created and redeemed. I mean, come on, it’s like saying, “You can have a party, but only if you invite ten people.”
“The Trust will create and redeem Shares from time to time, but only in one or more ‘creation units,’ which will initially consist of at least 10,000 shares.”
So, does this mean we’re about to see some trading action? Or is it just another tease? 🤔
U.S. SEC to approve trading soon? Or is this just a cruel joke?
The next hurdle is for the SEC to sign off on the S-1 form. It’s like waiting for your friend to text back after you’ve asked them out.
According to Bloomberg ETF analyst James Seyffart, Bitwise’s speedy approval came just in time, following similar nods for Hashdex and Franklin Templeton. It’s like they all got the same memo, “Hey, let’s get this done!”
“Today was not the final deadline — It was the first deadline but because Hashdex and Franklin were already approved it made sense that this would also be approved in short order.”
Eric Balchunas, another Bloomberg ETF analyst, chimed in, saying Bitwise’s approval was quicker than expected. I mean, who doesn’t love a surprise? 🎉
“They approved in 45 days vs waiting 240 days. I really want to interpret this as a sign the new SEC will be faster but no way to know really.”
Nate Geraci, president of ETF Store, thinks this is just the beginning of something bigger. It’s like saying, “We’re just getting started, folks!”
“Rapidly heading towards full index-based & actively managed spot crypto ETFs…This is simply first step.”
But let’s not forget, the previous SEC regime was like that one friend who always cancels plans at the last minute. They postponed decisions on some crypto index funds to early February and March. Will they finally show up this time?
According to Seyffart, there are some S-1 movements happening, which could mean the combined BTC and ETH ETFs might start trading soon. Or it could just be more smoke and mirrors. Who knows? 🤷♂️
“There was movement with Hashdex yesterday and today. There were updates filed with relation to their S-1 and 19b-4. This indicates to me that these products are likely to list in the very near future.”
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2025-01-31 13:15