Bitwise’s Bitcoin and Ethereum ETF Approved by SEC

The US Securities and Exchange Commission has granted preliminary approval for Bitwise Asset Management’s exchange-traded fund that will track the prices of Bitcoin and Ethereum. This first step, known as the form 19b-4, allows the ETF to begin trading.

However, Bitwise still needs the SEC’s approval of their registration application (Form S-1) for the fund to officially launch. Named the “Bitwise Bitcoin and Ethereum ETF,” it will provide investors with exposure to both cryptocurrencies’ spot prices in one fund.

It will be weighted based on each asset’s market capitalization, with Bitcoin accounting for 83% and Ethereum 17% at the time of filing.

The ETF will calculate the market capitalization by multiplying the current circulating supplies by the pricing benchmarks for each asset.