- Bitwise Asset Management has filed an S-1 registration with the SEC to launch a spot Bitcoin and Ethereum ETF.
- Additionally, VanEck has extended its fee waiver for the HODL ETF to $2.5 billion until January 2026 to stay competitive.
Bitwise Asset Management has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin and Ethereum ETF. If approved, the ETF will be listed on NYSE Arca and provide balanced exposure to Bitcoin (BTC) and Ethereum (ETH). This innovative approach simplifies cryptocurrency investments for retail and institutional investors.
Today, NYSE Arca filed to list a Bitwise ETP that would hold both spot bitcoin AND ether, weighted by market cap.
The goal: Give investors balanced exposure to the two largest crypto assets in the world in an easy-to-access format. pic.twitter.com/TcBpQM8OhW
— Bitwise (@BitwiseInvest) November 26, 2024
The filing comes during a period of heightened activity in the crypto ETF space. As earlier reported Bitwise has submitted proposals for ETFs tied to Solana, Hedera, and XRP, showcasing a great commitment to expanding its offerings.
Reminiscing, the U.S. SEC approved the first 11 Bitcoin ETFs earlier this year. Fast forward to mid May, the SEC approved eight ETH ETFs. Most importantly, the approval of the ETH ETF opened the doors for other altcoin ETF like XRP, Cardano, and Hedera. Notably this was predicted by Nate Geraci President of the ETF store.
However, uncertainties remain, especially with anticipated leadership changes in the SEC as Chair Gary Gensler is set to step down in January 2025. Industry experts speculate that the upcoming Donald Trump administration may usher in a more favorable regulatory climate for cryptocurrencies.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread ???
— Gary Gensler (@GaryGensler) November 21, 2024
Meanwhile, Bitcoin, is currently swapping hands with $94,225.06 marking a 2.56% surge in the past 24 hours. Additionally, BTC’s market cap has undergone a 2.55% surge stopping at $1.86 trillion.
On the other hand, Ethereum,the second largest cryptocurrency by market cap has rallied 5.03% in the last 24 hours after trading with $3,480.51. Additionally, the digital asset has recorded a 10.51% and 38.07% in the past week and month respectively.
VanEck’s Fee Waiver Strategy
Meanwhile, VanEck has extended its fee waiver for the VanEck Bitcoin ETF (HODL) in an effort to maintain a competitive edge. The waiver, now applicable to the first $2.5 billion in net assets, has been extended until January 2026. This move significantly raises the previous threshold of $1.5 billion, which was set to expire in March 2025.
With a baseline management fee of 0.20%, VanEck’s ETF faces competition from lower-cost products like the Grayscale Bitcoin Mini Trust, which charges a 0.15% sponsor fee. By extending its fee waiver, VanEck aims to attract new investors and bolster its position in a market dominated by heavyweights such as iShares Bitcoin Trust, which manages $46 billion in assets.
The broader Bitcoin ETF market has experienced remarkable growth, driven by increased adoption and investor interest. According to Bloomberg Intelligence, Bitcoin ETFs surpassed $100 billion in net assets for the first time on November 21.
Analysts have come foward attributing this surge to the widespread appeal of ETFs as a cost-effective and secure way to invest in Bitcoin, especially for those unfamiliar with cryptocurrency exchanges and wallets.
Bitcoin’s on-chain activity nearing one million daily active users underscores the growing retail adoption of the leading cryptocurrency. Some analysts are optimistic about Bitcoin’s price trajectory, with predictions of it reaching $100,000 by year-end.
