News

Bitwise Submits Spot Ether ETF Listing Application to SEC
March 29, 2024 9:11 am

Key takeaways:

  • The US SEC has received a filing from asset management company Bitwise listing and trading shares of a spot Ethereum ETF.
  • The Bitwise team has released a groundbreaking analysis that explores Ethereum correlations, painstakingly emulating the exacting process that the SEC used to assess Bitcoin.

The US Securities and Exchange Commission (SEC) has received a filing from asset management company Bitwise listing and trading shares of a spot Ethereum Exchange Traded Fund (ETF).

Bitwise submitted a Form S-1 registration statement for shares of its Ethereum ETF to the SEC on March 28. The filing was made in the midst of rumors that the SEC intended to classify Ether as a security under its regulatory authority, raising concerns about the listing of spot ETFs in the future.

Bitwise plans to issue shares of the ETH investment vehicle on NYSE Arca, according to a 19b-4 modification filing that was submitted to the SEC. The asset manager was one of the first to receive the SEC’s permission in January for the listing and trading of shares of its spot Bitcoin ETF.

The Bitwise team has released a groundbreaking analysis that explores Ethereum (ETH) correlations, painstakingly emulating the exacting process that the SEC used to assess Bitcoin. 

The analysis’s findings are quite positive, showing remarkably tight correlation values throughout a range of time periods. 

Notably, variances in correlation values are negligible during the whole sample time under examination, with variances of only 0.2% for hourly correlation, 5% for five-minute correlation, and 8% for one-minute correlation. 

Bitwise’s analysis closely followed a number of crucial guidelines to ensure methodological consistency with the SEC’s evaluation framework for Bitcoin.

The sample period is roughly 2.5 years. The analysis is conducted at hourly, five-minute, and one-minute intraday correlation intervals. The same markets (Coinbase/Kraken compared against CME) are examined. The same correlation statistic (Pearson correlation over log returns) is used. Finally, a three-month rolling window is applied for thorough min/max analysis. 

This innovative study not only clarifies the correlation dynamics of Ethereum but also establishes a standard for methodological integrity in cryptocurrency studies. Bitwise further stated:

“We believe the results show strong correlation between the ETH spot market and CME ETH futures market, at a level substantially similar to the findings of the SEC’s analysis in the spot bitcoin ETF approval order.”

VanEck’s investment vehicle will be the first to be approved or denied in the upcoming round of spot ETH ETF applications by the SEC, with the final deadline being May 23. While a number of experts appeared to be bullish about approval in 2023, others have stated that the commission may still reject applications in 2024.

Spot Ethereum ETF applications are pending approval or rejection from a number of firms, including Hashdex, ARK 21Shares, and Fidelity. In October 2023, the SEC started to approve investment vehicles linked to Ether futures.

Bitwise applies for Ethereum ETF; Bitbot presale gathers steam with price expected to rise to $0.0141
March 29, 2024 9:04 am
  • Bitwise applies for Ethereum ETF emphasizing spot trading but omitting staking features.
  • Bitbot presale raises over $1.6 million, BITBOT tokens currently going at $0.0134.
  • Next Bitbot presale stage expects BITBOT price to rise to $0.0141.

Bitwise Asset Management has taken a bold step forward in the cryptocurrency market by applying to an Ethereum Exchange-Traded Fund (ETF), despite facing regulatory challenges.

At the same time, Bitbot, a new Telegram bot, is also making waves as its token presale quickly sells out through its presale stages.

Bitwise’s application for an Ethereum ETF

Bitwise filed its S-1 form with the U.S. SEC for what it is calling the Bitwise Ethereum  ETH ETF with the SEC on Thursday. The application marks a significant milestone in the company’s journey into the cryptocurrency investment space. 

The Ethereum ETF application includes a comprehensive correlation analysis between Ethereum and Bitcoin, highlighting similarities in market dynamics and bolstering the case for Ethereum ETF approval.

Following the approval of its spot Bitcoin ETF, Bitwise aims to replicate its success with Ethereum.

The company’s decision to venture into Ethereum ETFs underscores its confidence in the potential of Ethereum as a viable investment asset.

Unlike some competitors, Bitwise’s proposal focuses solely on the spot trading aspect of Ethereum, omitting mention of staking features present in other ETF filings. This strategic differentiation aims to streamline the approval process and position Bitwise uniquely in the competitive ETF landscape.

Bitbot: empowering crypto trading with innovative features

In parallel with Bitwise’s Ethereum ETF endeavours, Telegram continues to innovate in the cryptocurrency trading sphere with its new trading bot Bitbot.

Bitbot is a non-custodial Telegram trading bot designed to democratize access to advanced trading tools for users of all experience levels.

With features like automated sniping, limit orders, copy trading, and yield optimization, Bitbot provides users with institutional-grade trading capabilities directly from the convenience of Telegram.

Central to Bitbot’s ecosystem is its native token, BITBOT, which serves as a utility coin offering holders various benefits.

BITBOT holders enjoy revenue sharing, exclusive access to presales, unique perks, and governance rights, empowering them to participate actively in Bitbot’s strategic direction.

Bitbot presale 

Bitbot’s ongoing presale has garnered significant attention and support from the crypto community.

With over $1.621 million raised thus far, the presale demonstrates strong investor confidence in Bitbot’s vision and capabilities.

In the current presale stage, BITBOT tokens are available at $0.0134, offering investors an opportunity to secure their stake in Bitbot’s ecosystem at an attractive rate.

Looking ahead, the next presale stage presents an opportunity for investors as the price is expected to rise to $0.0141.

With Bitbot’s innovative features and promising roadmap, the presale serves as a gateway for investors to become early adopters and contributors to Bitbot’s continued growth and success.

The post Bitwise applies for Ethereum ETF; Bitbot presale gathers steam with price expected to rise to $0.0141 appeared first on CoinJournal.

Bitwise applies for Ethereum ETF; Bitbot presale gathers steam with price expected to rise to $0.0141
March 29, 2024 9:04 am
  • Bitwise applies for Ethereum ETF emphasizing spot trading but omitting staking features.
  • Bitbot presale raises over $1.6 million, BITBOT tokens currently going at $0.0134.
  • Next Bitbot presale stage expects BITBOT price to rise to $0.0141.

Bitwise Asset Management has taken a bold step forward in the cryptocurrency market by applying to an Ethereum Exchange-Traded Fund (ETF), despite facing regulatory challenges.

At the same time, Bitbot, a new Telegram bot, is also making waves as its token presale quickly sells out through its presale stages.

Bitwise’s application for an Ethereum ETF

Bitwise filed its S-1 form with the U.S. SEC for what it is calling the Bitwise Ethereum  ETH ETF with the SEC on Thursday. The application marks a significant milestone in the company’s journey into the cryptocurrency investment space. 

The Ethereum ETF application includes a comprehensive correlation analysis between Ethereum and Bitcoin, highlighting similarities in market dynamics and bolstering the case for Ethereum ETF approval.

Following the approval of its spot Bitcoin ETF, Bitwise aims to replicate its success with Ethereum.

The company’s decision to venture into Ethereum ETFs underscores its confidence in the potential of Ethereum as a viable investment asset.

Unlike some competitors, Bitwise’s proposal focuses solely on the spot trading aspect of Ethereum, omitting mention of staking features present in other ETF filings. This strategic differentiation aims to streamline the approval process and position Bitwise uniquely in the competitive ETF landscape.

Bitbot: empowering crypto trading with innovative features

In parallel with Bitwise’s Ethereum ETF endeavours, Telegram continues to innovate in the cryptocurrency trading sphere with its new trading bot Bitbot.

Bitbot is a non-custodial Telegram trading bot designed to democratize access to advanced trading tools for users of all experience levels.

With features like automated sniping, limit orders, copy trading, and yield optimization, Bitbot provides users with institutional-grade trading capabilities directly from the convenience of Telegram.

Central to Bitbot’s ecosystem is its native token, BITBOT, which serves as a utility coin offering holders various benefits.

BITBOT holders enjoy revenue sharing, exclusive access to presales, unique perks, and governance rights, empowering them to participate actively in Bitbot’s strategic direction.

Bitbot presale 

Bitbot’s ongoing presale has garnered significant attention and support from the crypto community.

With over $1.621 million raised thus far, the presale demonstrates strong investor confidence in Bitbot’s vision and capabilities.

In the current presale stage, BITBOT tokens are available at $0.0134, offering investors an opportunity to secure their stake in Bitbot’s ecosystem at an attractive rate.

Looking ahead, the next presale stage presents an opportunity for investors as the price is expected to rise to $0.0141.

With Bitbot’s innovative features and promising roadmap, the presale serves as a gateway for investors to become early adopters and contributors to Bitbot’s continued growth and success.

The post Bitwise applies for Ethereum ETF; Bitbot presale gathers steam with price expected to rise to $0.0141 appeared first on CoinJournal.

Bitwise applies for Ethereum ETF; Bitbot presale gathers steam with price expected to rise to $0.0141
March 29, 2024 9:04 am
  • Bitwise applies for Ethereum ETF emphasizing spot trading but omitting staking features.
  • Bitbot presale raises over $1.6 million, BITBOT tokens currently going at $0.0134.
  • Next Bitbot presale stage expects BITBOT price to rise to $0.0141.

Bitwise Asset Management has taken a bold step forward in the cryptocurrency market by applying to an Ethereum Exchange-Traded Fund (ETF), despite facing regulatory challenges.

At the same time, Bitbot, a new Telegram bot, is also making waves as its token presale quickly sells out through its presale stages.

Bitwise’s application for an Ethereum ETF

Bitwise filed its S-1 form with the U.S. SEC for what it is calling the Bitwise Ethereum  ETH ETF with the SEC on Thursday. The application marks a significant milestone in the company’s journey into the cryptocurrency investment space. 

The Ethereum ETF application includes a comprehensive correlation analysis between Ethereum and Bitcoin, highlighting similarities in market dynamics and bolstering the case for Ethereum ETF approval.

Following the approval of its spot Bitcoin ETF, Bitwise aims to replicate its success with Ethereum.

The company’s decision to venture into Ethereum ETFs underscores its confidence in the potential of Ethereum as a viable investment asset.

Unlike some competitors, Bitwise’s proposal focuses solely on the spot trading aspect of Ethereum, omitting mention of staking features present in other ETF filings. This strategic differentiation aims to streamline the approval process and position Bitwise uniquely in the competitive ETF landscape.

Bitbot: empowering crypto trading with innovative features

In parallel with Bitwise’s Ethereum ETF endeavours, Telegram continues to innovate in the cryptocurrency trading sphere with its new trading bot Bitbot.

Bitbot is a non-custodial Telegram trading bot designed to democratize access to advanced trading tools for users of all experience levels.

With features like automated sniping, limit orders, copy trading, and yield optimization, Bitbot provides users with institutional-grade trading capabilities directly from the convenience of Telegram.

Central to Bitbot’s ecosystem is its native token, BITBOT, which serves as a utility coin offering holders various benefits.

BITBOT holders enjoy revenue sharing, exclusive access to presales, unique perks, and governance rights, empowering them to participate actively in Bitbot’s strategic direction.

Bitbot presale 

Bitbot’s ongoing presale has garnered significant attention and support from the crypto community.

With over $1.621 million raised thus far, the presale demonstrates strong investor confidence in Bitbot’s vision and capabilities.

In the current presale stage, BITBOT tokens are available at $0.0134, offering investors an opportunity to secure their stake in Bitbot’s ecosystem at an attractive rate.

Looking ahead, the next presale stage presents an opportunity for investors as the price is expected to rise to $0.0141.

With Bitbot’s innovative features and promising roadmap, the presale serves as a gateway for investors to become early adopters and contributors to Bitbot’s continued growth and success.

The post Bitwise applies for Ethereum ETF; Bitbot presale gathers steam with price expected to rise to $0.0141 appeared first on CoinJournal.

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