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Bitwise Unveils Ethereum ETF with NYSE Banner Display

  • Bitwise Asset Management has launched ETHW, the first spot Ethereum ETF in the U.S. to trade on the NYSE.
  • The ETF attracted significant initial investment, with inflows of $204 million on its first day.
  • The ETF experienced continued investor interest, raising $29.6 million and $16.3 million in the subsequent days.

Bitwise Asset Management started trading its spot Ethereum ETF, ETHW, in the U.S., paving the way for the firm’s entry into the American market. The asset management advertised the ETF on the New York Stock Exchange and therefore holds high expectations for Ethereum.

Bitwise Ethereum ETF Launches with Strong Inflows

Bitwise introduced the Ethereum ETF on the NYSE, which got a lot of attention from the public. The promotional banner used read ETHW, Bitwise Ethereum ETF, and was accompanied by a lot of investment at the beginning. The ETF launched on 4th October and, on the first trading day, managed to attract an inflow of $204 million.

Further interest from investors was observed. The fund raised $29.6 million on the second day and $16.3 million on the third. These figures show that more and more investors have confidence and interest in this new financial instrument. Teddy Fusaro, the president of Bitwise, expressed his happiness with the strong initial response and noted that the market received it well.

Bitwise Offers Zero Fee on Ethereum ETF

However, the overall North American market for spot Ether ETFs has been rather volatile, even with the success of the Bitwise ETF.

On the third trading day, the cumulative net redemptions from nine U.S. spot Ether ETFs stood at $152.3m. This instability only shows that the cryptocurrency market is highly volatile.

Bitwise has established a management fee of 0.20% for the Ethereum ETF, and will charge no fee on the first $500 million in assets for the first six months. This competitive strategy is to solicit investors from as many sources as possible.

Moreover, the firm has agreed to increase transparency by releasing the Ethereum addresses of ETHW’s assets so that investors can double-check the fund’s position on the blockchain.

Ethereum ETF Marks Historic NYSE Moment

Bitwise has recently released an Ethereum ETF and is committed to the Ethereum environment. The company will donate 10% of ETHW’s profits to the open-source development within the Ethereum project. This initiative will most probably enhance the collaboration between Bitwise and the Ethereum community.

Nate Geraci, the president of The ETF Institute, added that the event was momentous.

”The word ‘Ethereum’ hanging from the 120-year-old New York Stock Exchange building might end up in the history books,” he said.

This sentiment best describes ETF as a product that stands between traditional mutual funds and newer investment products.


The introduction of this Ethereum ETF by Bitwise is a clear declaration of Ethereum’s role in the evolution of the financial industry. With this, Bitwise wants to give investors direct access to Ethereum and also promote other investment segments such as stablecoins, NFTs, DeFi, and tokenization. This step reflects the firm’s belief in Ethereum’s continuing relevance and future.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Maxwell Mutuma
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.