Bitwise Files for Spot Ethereum ETF, Adding to Race for SEC Approval

Bitwise has submitted a filing for a spot Ethereum exchange-traded fund (ETF) in the U.S., amid ongoing questions about SEC approval for such investment vehicles. Bitwise is already managing a significant spot Bitcoin ETF and aims to list the Bitwise Ethereum Trust on the New York Stock Exchange. However, there is skepticism about the approval of the Ethereum ETF in May. The SEC's uncertainty regarding Ethereum's classification as a security adds complexity to the situation and could have a substantial impact on the crypto sector in the U.S. Despite these challenges, Bitwise's filing adds to the competition among firms seeking approval for a spot Ethereum ETF from the SEC.