Bitwise debuts Ethereum ETF on NYSE

Bitwise Asset Management has launched the Bitwise Ethereum ETF (ETHW), scheduled to start trading on the New York Stock Exchange on July 23. This marks the introduction of the first spot Ethereum fund in the U.S., providing investors with a new method to invest in Ethereum, the second-largest crypto asset by market capitalization.

The ETF begins with a management fee of 0.20 percent, offering a promotional zero fee on the first $500 million in assets for the initial six months.

Following the successful launch of the Bitwise Bitcoin ETF, ETHW expands Bitwise’s portfolio, now featuring eight publicly traded crypto funds among its suite of 20 products. It's important to note that these funds are not registered under the Investment Company Act of 1940, differing from traditional ETFs in regulatory status.

The Ethereum ETF aims to diversify investor portfolios with exposure to sectors like stablecoins, NFTs, DeFi, and tokenization, driven by the Ethereum blockchain. Additionally, Bitwise plans to donate 10 percent of ETHW’s profits to support Ethereum's open-source development.

For transparency, Bitwise will disclose the Ethereum addresses of ETHW’s holdings, enabling direct verification of the fund’s assets on the blockchain.

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