SEC Greenlights Bitwise Crypto ETF for NYSE Arca Trading
Published Date: 2/5/2025
Notice
Summary
The SEC gave a green light for NYSE Arca to list and trade shares of the Bitwise Bitcoin and Ethereum ETF, which holds real Bitcoin and Ethereum. This means investors can now easily buy and sell these crypto-based shares on a big stock exchange. The approval came quickly, signaling confidence and opening new doors for crypto investing starting early 2025.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
ETF Approved for Trading on NYSE Arca
The SEC approved listing and trading of the Bitwise Bitcoin and Ethereum ETF under NYSE Arca Rule 8.201-E on January 30, 2025. That means investors can purchase and sell shares of this ETF on the NYSE Arca exchange like other listed securities.
Fund Holds Spot Bitcoin and Ether
The Trust will hold spot bitcoin and spot ether and will allocate its assets to each approximate their relative market capitalizations (at filing the relative market cap was 83% bitcoin and 17% ether). The Trust's only assets will be bitcoin, ether, and cash.
Daily NAV and Intraday Pricing Transparency
The Trust's net asset value (NAV) and NAV per Share will be determined once each trading day as of 4:00 p.m. E.T., using the CME CF Bitcoin and CME CF Ether reference rates; the filing also commits to availability of quotation and last-sale information, posting certain Trust information (including NAV) on the Trust website, and dissemination of an intra-day indicative value updated every 15 seconds during the Exchange's core session.
Creation/Redemption in Cash; Creation Unit Size
The Trust will create and redeem Shares only in one or more Creation Units, which initially will consist of at least 10,000 Shares, and authorized participants will deliver only cash to create Shares and will receive only cash when redeeming Shares.
Custody and Administration Arrangements
Coinbase Custody Trust Company, LLC will maintain custody of the Trust's bitcoin and ether, and The Bank of New York Mellon will serve as the cash custodian, administrator, and transfer agent for the Trust.
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