Key Takeaways
- Bitwise has filed for a spot Ethereum ETF following its successful launch of a spot Bitcoin ETF earlier in January.
- Bitwise’s filing lacks language regarding staking, which some competitors like Ark 21Shares and Fidelity have included in their filings.
- Bitwise and eight other applicants are awaiting SEC approval for spot Ether ETFs. However, the regulatory landscape has become more complex due to the agency’s investigation into whether Ethereum is a security.
Bitwise filed with the US Securities and Exchange Commission (SEC) on March 28th to apply for a spot Ethereum exchange-traded fund (ETF). This move joins the growing list of investment firms hoping for approval of a product directly tied to Ethereum’s price.
Bitwise Files S-1 Form With The SEC
Bitwise submitted its S-1 filing to the SEC. This document is the initial registration statement necessary for publicly offering a new security.
Furthermore, Bitwise also submitted Form 19b-4 on the NYSE website. Stock exchanges or self-regulatory organizations use this form to suggest a rule modification when intending to list a new product.
Notably, Bitwise’s filing lacks language regarding staking, which some competitors like Ark 21Shares and Fidelity have included in their filings.
SEC’s Deferment
Bitwise is looking forward to an SEC approval and eight other applicants for spot Ether ETFs, such as Grayscale, BlackRock, Fidelity, VanEck, and Hashdex. The timing of the applications coincides with the SEC’s unexplained lack of response regarding these ETFs.
The SEC has repeatedly postponed its verdict on these applications. During these deferrals, the regulatory body has consistently requested “additional time for commission action on proceedings” to assess their potential approval.
Further complicating matters, the SEC also launched an investigation into whether Ethereum itself is a security, leaving the status of these applications uncertain.
