Bitwise files an updated prospectus to change its Bitcoin futures ETF to a Bitcoin and Ether equal weight strategy exchange-traded fund (ETF). This is similar to a move by Valkyrie to revise its Bitcoin Strategy ETF to Bitcoin and Ether Strategy ETF amid a flurry of Ethereum-focused ETF filings.
Bitwise Converts Filing To Bitcoin And Ether Strategy ETF
According to a filing with the US SEC on August 10, Bitwise has revised its Bitcoin Strategy Optimum Roll ETF into Bitcoin and Ether Equal Weight Strategy ETF. The ticker is changed from BITF to BTOP.
Bloomberg ETF analyst James Seyffart noted that the effective date would be October 9. This is same as Valkyrie did a few days ago, changing its Bitcoin Strategy ETF to Bitcoin and Ether Strategy ETF.
“We’re in new territory. It’s been 13 days since Volatility Shares was first in a wave of Ethereum futures ETF filings. Back in 2021 it was just a couple days before SEC forced withdrawals and was just ~7 days in May of this year. The odds of launching increase as time goes by.”
Bloomberg ETF analyst Eric Balchunas also said that SEC earlier told Ether Futures ETF filers to withdraw their filing in 5-6 days after the first filing hit. However, it is now “Day 13” with no withdrawals. According to Bloomberg analysts, Ethereum-focused ETF is likely to hit market in mid-October.
Analysts also assert that Ethereum ETFs have higher probability of approval from the SEC than Bitcoin ETFs. The SEC under Chair Gary Gensler mostly rejected spot Bitcoin ETF filings.
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Bitcoin and Ethereum Prices Under Pressure
BTC price fell 0.5%% in the last 24 hours, with the price currently trading at $29,389. The 24-hour low and high are $29,336 and $29,688, respectively. Meanwhile, ETH price is trading at $1846, down nearly 0.5% in the last 24 hours.
Analysts predict a massive jump in Bitcoin price after approval of a Bitcoin ETF, with investors eyeing BlackRock Bitcoin ETF. Seyffart said Ark Invest ETF decision could be out any time after August 11, two days in advance of the original deadline as the scheduled deadline of August 13 falls on a Sunday.
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