Bitwise joins the race for a spot Ethereum ETF in its latest filing

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Bitwise filed for its spot Ethereum exchange-traded fund (ETF) on Mar. 28, according to an X post by Bloomberg ETF analyst James Seyffart. The first filing was an S-1 form, followed by a 19b-4 form less than one hour later.

The S-1 is mandatory for companies planning to offer securities publicly, while the 19b-4 is necessary when a stock exchange wants to list a new product, like a spot Ethereum ETF.

The new filing prompted some optimism from the crypto community about a spot Ethereum ETF approval in May. Users rushed to tag Eric Balchunas, another Bloomberg ETF analyst, in publications about Bitwise’s latest movements on X. However, Balchunas was quick to underscore that the chances of said approval are still low.

Getting tagged in tweets about this filing, the Eth corr study, and other eth etf hopium. I respect it all but our odds for Eth ETF approval in May remain a pessimistic 25% (I’d go lower if I could tbh). There’s 7 wks till deadline and radio silence from SEC = bleak. (Again,… https://t.co/fc8elrYm64

— Eric Balchunas (@EricBalchunas) March 28, 2024

The reason why he wouldn’t go lower is that the predictions are made by both Seyffart and Balchunas agreeing on the percentage, the latter said when responding to a commentary.

Bitwise’s BITB spot Bitcoin ETF is the fourth largest by Bitcoins (BTC) under management, with 30,734 BTC in holdings.

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