There is activity in the cryptocurrency market today. In addition to the rise in Bitcoin and altcoins, there have also been new developments regarding the Ethereum ETF.
While VanEck launched an Ethereum futures ETF, NYSE Arca filed with the SEC to convert Grayscale's Ethereum Trust into a spot Ethereum ETF.
Apart from VanEck and Grayscale, ETF news also came from Bitwise Asset Management, a US-based cryptocurrency index fund.
Accordingly, Bitwise announced that two separate ETFs, Bitwise Ethereum Strategy ETF (AETH) and Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP), will launch on October 2.
At this point, Bitwise CIO Matt Hougan, participating in CNBC's Squawk Box program, confirmed that two new Ethereum-themed ETFs will begin trading today.
Bitwise CIO Matt Hougan stated the following in his statement:
“Ethereum's portfolio opportunity is broader than Bitcoin.
Some investors see Ethereum as an alternative, while others see it as a traditional growth investment. There are elements of both.
Like alternatives, Ethereum's correlation with traditional stocks has been low and trending downward for the past two years.
At the same time, its increasing usage and cash flows indicate that it has the characteristics of a growth asset. These combinations make Ethereum a separate asset in portfolios.”
Bitwise CEO Hunter Horsley also pointed out that Ethereum has millions of users and thousands of different applications, and stated that giant names and brands such as Nike, Starbucks, Adidas, Pepsi, PayPal, JPMorgan and others have created applications on Ethereum.
“AETH and BTOP give investors the opportunity to safely participate in this growth through regulated ETFs.”
*This is not investment advice.