Bitwise Seeks Approval for Ethereum ETF Amid SEC Uncertainty

Bitwise has submitted a filing for a spot Ethereum ETF with the Securities and Exchange Commission (SEC) amid growing uncertainty surrounding the approval timeline for such financial products.

Earlier this month, Bitwiseโ€™s CIO, Matt Hougan, suggested that the approval for spot ether ETFs would be better deferred beyond May.

Despite ongoing speculation, Bitwise has proceeded with its S-1 filing for the Bitwise Ethereum ETF, submitted to the SEC on Thursday. This decision aligns with comments from Hougan, emphasizing a possible approval delay, especially considering the SECโ€™s upcoming assessment of pending applications for spot ether ETFs.

While optimism initially surrounded the prospect of a spot ether ETF approval, drawing parallels with the successful launch of spot bitcoin ETFs in January, recent estimations by Bloomberg ETF analysts suggest a lower likelihood of approval in May, estimated at approximately 30%.

The emergence of spot bitcoin ETFs has seen substantial trading volume, exceeding $150 billion, and has generally been regarded as successful. However, uncertainties persist regarding the SECโ€™s stance on spot Ethereum ETFs, adding to the complexity of the approval process.

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