NYSE file listing Bitwise’s Bitcoin and Ethereum mixed ETP

NYSE Arca contaminated Form 19b-4 to list a Bitwise Exchange Traded Product (ETP) providing direct spot exposure to Bitcoin (BTC) and Ethereum (ETH). Weighted according to market capitalization.

According to Bitwise nameThe proposed Bitcoin-Ether ETP aims to simplify portfolio allocation for investors seeking exposure to the most established assets in the cryptocurrency market. Market capitalization weighting ensures that the fund dynamically adjusts to reflect the evolving dominance of these assets.

Bitwise CIO Matt Hougan said:

“Bitcoin and Ethereum are not competitors any more than gold and technology stocks are competitors. So when investors ask which is better to add to their portfolio, our answer is often ‘both’. The fund aims to make its recommendations easy and actionable by providing balanced exposure to the two largest cryptocurrency assets in the world. “I think it will be very popular with investors.”

Bitwise’s spot Bitcoin and Ethereum ETPs have a total of $4.2 billion in assets under management.

If approved, this dual-asset ETP will be the first of its kind in the U.S. market, allowing investors to gain exposure to the two largest cryptocurrencies simultaneously.

However, other similar products are also awaiting approval. U.S. Securities and Exchange Commission (SEC) Recently delayed Approved by Franklin Templeton’s Crypto Index ETF, which tracks BTC and ETH but is not market cap weighted.

Moreover, Brazilian asset manager Hashdex applied to launch a similar product in June, as its Hashdex Nasdaq Crypto Index US ETF tracks BTC and ETH.

Various use cases

According to CryptoSlate Data shows that as of November 26, the market capitalization of BTC and ETH is over $2.1 trillion. Despite their dominance, investors generally perceive the two cryptocurrency use cases differently.

Investors primarily view Bitcoin as a digital store of value optimized for security and monetary use cases.

Meanwhile, ETH supports the Ethereum blockchain, the largest decentralized application ecosystem, boasting a total value locked (TVL) of nearly $110 billion, according to DefiLlama. data. Additionally, traditional financial giants such as BlackRock, Visa, and Franklin Templeton have chosen our infrastructure to launch their products.

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