In a move that left Wall Street scratching its collective head and crypto bros doing backflips, the U.S. Securities and Exchange Commission has tossed a tentative nod toward Bitwise Asset Management’s ambitious plan to combine Bitcoin and Ethereum into a single, gloriously volatile exchange-traded fund. 🎭
On the fateful day of January 30th, the SEC, in its infinite wisdom, approved the fund’s Form 19b-4—a bureaucratic hurdle so mundane it could make a paperclip weep with boredom. But wait! Bitwise isn’t out of the regulatory woods yet. They still need the SEC to bless their Form S-1, a document so thick it could double as a doorstop. 📜
The proposed “Bitwise Bitcoin and Ethereum ETF” promises to deliver a one-stop shop for investors who can’t decide between Bitcoin’s digital gold vibe and Ethereum’s blockchain swagger. The fund is weighted according to market cap, which currently translates to 83% BTC and 17% ETH—because apparently, Bitcoin is the alpha crypto, and Ethereum is the quirky sidekick. 🦸♂️🦸♀️
To calculate the market cap, the ETF will use the kind of math that makes your high school algebra teacher weep with joy: multiply the pricing benchmarks by the current circulating supply. It’s science, people! 🧮
This approval comes hot on the heels of the SEC appointing a new crypto-friendly acting chair, because nothing says “progressive regulation” like shuffling leadership faster than a game of musical chairs. Bitwise, ever the opportunist, submitted their paperwork back in November, presumably while popping champagne to celebrate Donald Trump’s election win. 🍾
The fund’s management will be handled by Bitwise Investment Advisers, custody will be provided by Coinbase (because who else?), and Bank of New York Mellon will serve as the cash custodian, administrator, and transfer agent. It’s like a financial Avengers team, but with fewer capes and more spreadsheets. 💼
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2025-01-31 05:58