The US Securities and Exchange Commission (SEC) has approved the listing and trading of shares of the Bitwise hybrid fund on the New York Stock Exchange (NYSE Arca).
Bitwise’s latest product is a hybrid investment product that offers exposure to both Bitcoin and Ethereum simultaneously.
The SEC’s decision came as part of an expedited review process due to similarities to previously approved Bitcoin and Ethereum ETFs, reflecting the regulator’s growing familiarity with digital investment vehicles.
The decision marks a new step forward in integrating cryptocurrencies into traditional financial markets, giving investors an additional means of gaining direct exposure to the largest digital assets.
Eric Balchunas, an ETF analyst at Bloomberg, commented that the news was expected, but noted that the expedited review, which took 45 days instead of the usual 240 days, may be an indication of a more efficient approach by the SEC to handling ETF applications in the future, although he said he could not say for sure at this time.
The fund will hold assets in Bitcoin, Ethereum and cash, with a weighted distribution by market capitalization.
The net asset value will be calculated daily using the CME CF Bitcoin and Ethereum price indices.
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