The U.S. Securities and Exchange Commission (SEC) has quickly approved Bitwise’s spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Fund (ETF). This approval came just 45 days after Bitwise filed the necessary paperwork, a significant reduction from the usual 240-day review period.
On January 30, the SEC approved NYSE Arca’s 19b-4 filing, allowing the ETF to be listed and traded. The fund will invest based on the market capitalization of Bitcoin and Ethereum, holding only these two cryptocurrencies and some cash reserves.
The SEC noted that the ETF qualified for fast-track approval because it is similar to other spot crypto ETFs that have already been approved. The agency stated, “The Commission finds good cause to approve the Proposal prior to the 30th day after the date of publication of notice of Amendment No. 126 in the Federal Register.”
This decision follows the SEC’s earlier approval of the first combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton in December 2024. Bloomberg ETF analyst James Seyffart mentioned on X (formerly Twitter) that this approval was anticipated due to previous similar filings. Senior Bloomberg ETF Analyst Eric Balchunas also agreed, stating that this outcome was predictable even under SEC Chair Gary Gensler.
Balchunas highlighted the unusually fast approval process, taking only 45 days instead of the standard 240 days. He expressed hope that this indicates a quicker SEC in the future, although it remains uncertain.
The SEC’s review process for this ETF began when NYSE Arca filed the 19b-4 form on November 26, 2024. After a public comment period and an amendment on January 21, 2025, the SEC decided to expedite the approval.
