- SEC approves Bitwise Bitcoin and Ethereum ETF for NYSE Arca trading.
- Grayscale files to convert its XRP Trust into a regulated spot ETF.
- More crypto ETF applications expected amid favorable U.S. regulations.
The U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of Bitwise’s Bitcoin and Ethereum exchange-traded fund (ETF) on NYSE Arca. Through this approval, investors can now access Bitcoin and Ethereum by using one regulated financial instrument. Under its market-capitalization weighing scheme, the ETF tracks its performance from the two of the largest cryptocurrencies.
The approval bestowed upon Bitwise’s ETF emerges as the third crypto investment product to obtain SEC recognition after Hashdex and Franklin Templeton. Hashdex has launched a Crypto Index ETF that provides investors with exposure to several cryptocurrency assets and Franklin Templeton plans to introduce their product in the near future. The SEC approved the Bitwise ETF after the company filed its 19b-4 form in November 2024 amid growing institutional demand for crypto investment products.
The approval follows a surge in ETF applications from asset managers looking to capitalize on the Trump administration, which is inclined to cryptocurrency legislation. Following this, several firms are now submitting ETFs for Solana (SOL) and Dogecoin (DOGE), including Bitcoin (BTC), and Ethereum (ETH). Experts within the financial industr, predict that in the upcoming months, crypto ETF approvals will be high due to less hurdles on the regulatory side.
Meanwhile, Grayscale has submitted a 19b-4 form with the New York Stock Exchange (NYSE) to turn its Grayscale XRP Trust into an XRP spot ETF. The firm initiated its plans for an XRP ETF following its recent filing to the SEC regarding Litecoin and Solana ETFs. An approval of the XRP ETF will release trading possibilities for XRP in a regulated financial product for institutional investors.
Related: Grayscale Launches Bitcoin Miners ETF for Crypto Exposure
Grayscale’s XRP Trust currently manages around $16 million in assets. The company launched the Trust following a federal court ruling in the Ripple vs. SEC case that clarified XRP is not a security, when sold on secondary markets. With this latest filing, Grayscale becomes the seventh asset manager to apply for an XRP ETF.
Grayscale has been aggressively expanding its crypto offerings. The firm recently launched a Bitcoin Miners ETF and a Bitcoin Adapters ETF. The increasing number of ETF filings indicates growing institutional interest in cryptocurrency investment.
Fox journalist Eleanor Terrett reported that additional XRP ETF applications from other asset managers could be submitted next week. More firms are expected to enter the market as regulatory conditions continue to shift. The wave of crypto ETF approvals reflects broader financial market trends, with institutional and retail investors seeking greater access to digital assets through regulated investment products.
