Big News: SEC Approves Bitwise Spot Bitcoin and Ethereum ETF

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The U.S. Securities and Exchange Commission (SEC) has approved Bitwise’s Bitcoin and Ethereum ETF, offering investors exposure to both cryptocurrencies. The approval, granted on an “accelerated basis” on Thursday, allows the fund to track both spot Bitcoin (BTC) and Ethereum (ETH) based on their market capitalization.

This approval marks a major shift in the regulatory landscape under the Trump administration, as several firms have recently sought to list new crypto products with the SEC. Bitwise’s ETF, launched in partnership with the New York Stock Exchange (NYSE), is designed to provide easier access to Bitcoin and Ethereum for mainstream investors. The NYSE Arca filed the necessary paperwork for the ETF in November 2024.

“In particular, the Commission finds that the Proposal is consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the Exchange’s rules be designed to ‘prevent fraudulent and manipulative acts and practices’ and, ‘in general, to protect investors and the public interest,” the agency said.

It added, “The Commission finds that the Proposal, as with other ETPs that the commission has approved, is reasonably designed to promote fair disclosure of information that may be necessary to price the Shares appropriately, to prevent trading when a reasonable degree of transparency cannot be assured, to safeguard material non-public information relating to the Trust’s portfolio, and to ensure fair and orderly markets for the Shares.”

This approval follows a series of changes in the SEC’s stance on crypto products, including the previous hesitance of former SEC Chair Gary Gensler to approve Bitcoin ETF trading, which only occurred after a court ruling.