Bitwise CEO Teases Major Announcement on Spot Ether ETF

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As an experienced financial analyst, I find this development extremely intriguing. The hinted major announcement from Bitwise Investments CEO Hunter Horsley, coupled with Nate Geraci’s predictions and recent SEC actions, suggest that we are on the brink of a significant milestone for the crypto industry: the launch of spot Ether Exchange Traded Funds (ETFs).

CEO Hunter Horsley of Bitwise Investment indicated a significant announcement is imminent on June 20th. The specifics are not yet clear, but industry insiders speculate it could be connected to the much-anticipated introduction of spot Ethereum Exchange Traded Funds (ETFs).

Following a wave of S-1 filings for Ether Exchange-Traded Funds (ETFs) in the marketplace, Horsley’s announcement emerges. Notably, Bitwise made an amended submission, revealing a $2.5 million seed investment and a substantial $100 million commitment from Pantegra Capital – a renowned blockchain investment firm.

SEC Greenlight Paves the Way for Ether ETF Launch

Nate Geraci, president of ETF Store, anticipates a surge of approvals for spot Ether exchange-traded funds (ETFs) from the SEC before July 4th. According to him, the SEC has addressed all concerns raised in the latest Bitwise filing, potentially paving the way for swift approvals with minimal further delays.

Tomorrow and the day after, there will be a surge of amendments being filed for Ethereum ETFs with the ticker SPOT. In my opinion, based on Bitwise’s filing from yesterday, I don’t believe there are any significant issues left for the SEC to address or comment on. Regardless, I’m still planning for a launch prior to July 4th.

— Nate Geraci (@NateGeraci) June 20, 2024

Nate Geraci’s forecasts harmonize with recent remarks from SEC Chair Gary Gensler, implying that Ether ETFs could secure approval by summer’s end. Furthermore, the SEC’s conclusion of its Ethereum investigation signifies the removal of a significant barrier for listing and trading spot Ether ETFs on prominent exchanges.

The SEC’s announcement that they had concluded their investigation led to a broader market upturn, during which Ethereum broke through the $3,600 barrier. This spike in price demonstrates the significant investor enthusiasm for Ethereum-backed ETFs, particularly among institutional investors.

As a researcher, I’ve observed that trading volume took a slight step back over the past day. However, the general feeling among investors remains optimistic. At present, Ethereum (ETH) is priced at $3,586, and there’s a strong possibility it could climb higher due to upcoming S-1 announcements. Analysts are anticipating a market rebound in the broader crypto sector, which could pave the way for a new altcoin surge.

Bitwise Fees and Next Steps

As a crypto investor, I’m excitedly looking forward to Bitwise’s upcoming announcement regarding the fees for their proposed spot Ethereum ETF. For context, Bitwise currently charges a 0.20% management fee for their existing Bitwise Bitcoin ETF (BITB).

If the SEC appears to be paving the way for approval, then the imminent introduction of a spot Ether ETF by Bitwise or any other applicant is a distinct possibility. The approval of an Ether ETF carries the potential to unlock vast investment capital and propel the cryptocurrency market to unprecedented heights.

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2024-06-20 13:09