Bitwise Files with SEC Application for an Ethereum Spot ETF

Bitwise, a crypto investment firm, submitted an application to the Securities and Exchange Commission (SEC) today to offer a spot Ethereum ETF.

This move puts Bitwise alongside other companies competing to launch the first spot Ethereum ETF, following the successful release of spot Bitcoin ETFs earlier this year.

According to Bitwise’s filing, the proposed “Bitwise Ethereum Trust” will hold Ethereum (ETF) and may also engage in staking through trusted providers to earn additional rewards.

Staking involves locking up ether to help secure the Ethereum network and validate transactions, with participants receiving newly created ether as a reward. However, this practice has received scrutiny from government regulators.

Bitwise’s venture into the Ethereum spot ETF market aligns with the growing interest from traditional financial firms. In recent months, companies such as BlackRock, Grayscale, and VanEck have all submitted proposals to the SEC to launch their own Ethereum spot ETFs.