#USBitcoinReserves Crypto

Washington gives preliminary approval to Bitcoin, Ethereum ETF

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Attendees near various cryptocurrency logos at the Crypto Compare digital assets summit in London, UK - Source: Bloomberg

The U.S. Securities and Exchange Commission on Thursday gave preliminary approval to an application to create an exchange-traded fund that tracks the two largest cryptocurrencies.

The Bitwise Bitcoin and Ethereum ETF from Bitwise Asset Management seeks to provide investors with balanced exposure to crypto assets, weighted by their market value.

The structure of the fund will be similar to existing ETFs that directly track either Bitcoin or Ethereum.

For example, Bitwise has proposed an ETF that would track Dogecoin. This crypto asset is a typical meme coin, a type of token that has no intrinsic value and whose price rises and falls under the volatile spotlight of social media. The SEC has also received applications for ETFs that track coins like XRP, Litecoin, and Solana, tokens that claim to be based on some type of asset.

The U.S. ETFs have been introduced