NYSE Pushes to Trade Bitcoin and Ethereum Directly in ETFs
Published Date: 6/11/2025
Notice
Summary
NYSE Arca wants to update the Bitwise Bitcoin and Ethereum ETFs so investors can create and redeem shares using the actual cryptocurrencies instead of cash. This change makes trading smoother and could save money on fees for ETF holders. The proposal was filed in May 2025 and is now open for public comments before any final decision.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Bitwise ETFs May Accept Crypto In-Kind
NYSE Arca filed a proposal (May 21, 2025; amended June 4, 2025) to let the Bitwise Bitcoin ETF and Bitwise Ethereum ETF allow creations and redemptions in the actual cryptocurrencies (bitcoin or ether) instead of only cash. Creation Units will initially consist of at least 10,000 Shares, and the proposal sets an initial in-kind order cutoff time of 3:59 p.m. ET on the Purchase Order Date. The filing says this change could make trading smoother and could save money on fees for ETF holders.
Sponsor Fee Accrues, Paid In Crypto
The filings state each Trust's recurring ordinary expense is the Sponsor's unitary management fee, which will accrue daily and be payable monthly in arrears in bitcoin for the Bitcoin Trust and in ether for the ETH Trust. The Administrator will calculate the daily accrual by applying an annualized rate to the Trust's total crypto holdings, with the payable crypto amount determined by reference to the applicable pricing index or CME US Reference Rate.
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