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US SEC Clears Bitwise ETF Offering Dual Bitcoin and Ethereum Holdings

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The U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of the Bitwise Bitcoin and Ethereum exchange-traded fund (ETF). This decision allows NYSE Arca to list and trade shares of the fund, which will hold both Bitcoin and Ethereum alongside cash reserves. The approval was granted on an accelerated basis, as indicated in the SEC filing released on January 30, 2025.

US SEC Approves Bitwise ETF Holding Both Bitcoin and Ethereum

According to the recent filing, the SEC approved the Bitwise ETF on an accelerated basis. The approval permits NYSE Arca to list and trade the ETF, which will provide investors with direct exposure to both Bitcoin and Ethereum.

The Bitwise ETF will hold spot Bitcoin, Ethereum, and cash reserves. This structure is designed to offer diversified exposure to the two largest cryptocurrencies by market capitalization. The SEC’s approval follows a series of crypto-related ETF filings submitted by multiple financial firms in recent months.

Following the ongoing trend on crypto ETFs, a report highlighted that Grayscale filed for a spot XRP ETF with the New York Stock Exchange (NYSE). The asset manager will convert its existing XRP Trust into an ETF, which would be listed and traded on the exchange. This move comes shortly after Grayscale filed for Litecoin and Solana ETFs, signaling increasing interest in crypto investment products.

Pending S-1 Registration Required for Trading

Despite the approval of form 19b-4, the Bitwise ETF still requires SEC clearance for its pending S-1 registration. Both steps are necessary before the fund can begin trading on the exchange.

The S-1 registration review will determine compliance with regulatory standards, including investor protection measures and transparency requirements. Bitwise Asset Management must await further approval before officially launching the ETF in the market.

In the Thursday filing, the US SEC wrote,

“In particular, the Commission finds that the Proposal is consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the Exchange’s rules be designed to ‘prevent manipulative acts and practices’ and, ‘in general, to protect investors and the public interest.”

Broader Regulatory Shift in Crypto ETFs

The US SEC decision reflects an evolving regulatory stance on cryptocurrency ETFs. Under the current administration, firms have submitted multiple applications to launch similar financial products. Recently, VanEck and ProShares filed for ETFs tracking assets like Litecoin, XRP, and Solana.

The approval of the Bitwise ETF follows prior approvals in December 2024 for crypto index ETFs from firms such as Hashdex and Franklin Templeton. 

It is worth noting that earlier in the week, the asset management firm submitted an S-1 filing with the US SEC for a spot Dogecoin ETF. Bitwise confirmed that the ETF’s Net Asset Value (NAV) will be based on the Dogecoin-Dollar settlement benchmark from CF trading.

Bitcoin and Ethereum prices have shown movement following the announcement. At press time, Bitcoin is trading at $104,612.69 with a 1.13% increase over the past week, while Ethereum stands at $3,269, gaining 4% in the last 24 hours.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Reserve Bill Fails as South Dakota Lawmakers Shut Down Proposal

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A bill that sought to enable South Dakota tap state money to invest in Bitcoin has been blocked. House Bill 1202, introduced by Representative Logan Manhart, proposed creating a Bitcoin reserve for South Dakota. The bill aimed to allow the state to invest up to 10% of its total portfolio in Bitcoin.

However, the lawmakers referred the bill, which means that its progress was halted for this legislative session.

State Bitcoin Reserve Plan Fails as South Dakota Lawmakers Defer

South Dakota House Commerce and Energy Committee refused to move HB 1202 to the next level. The proposed bill sought to facilitate the state to buy Bitcoins using public funds; the state would actually become one of the pioneers in holding a Bitcoin reserve.

But the lawmakers made it difficult for the process by voting to take the bill to the next stage after 40 days which brought an end to it for the year.

The bill was introduced by Representative Logan Manhart and he plans to propose the bill during the next year 2026. The deferral reflects concerns about regulatory uncertainties, market volatility, and the risks associated with using public funds for crypto investments. 

Despite these concerns, Bitcoin reserve proposals continue to emerge in other states, indicating ongoing interest in integrating digital assets into public investment strategies.

Meanwhile, Bitcoin Strategy continues to gain traction with institutional adoption as Michael Saylor’s firm expands its holdings. MicroStrategy, now rebranded as Strategy, has nearly 500,000 BTC after its latest $2 billion purchase.

Concerns Over Volatility and Regulation 

The primary concerns cited for deferring HB 1202 were Bitcoin’s price volatility and the lack of clear federal regulations. Opponents of the bill argued that investing in a highly fluctuating asset could expose public funds to financial risk. 

The unpredictability of Bitcoin prices made some lawmakers hesitant to approve the allocation of taxpayer money toward a digital asset.

Moreover, crypto regulation uncertainty at both the state and federal levels also played a role in the bill’s stagnation. With the legal landscape surrounding Bitcoin reserves still evolving, lawmakers expressed caution about moving forward without clearer guidelines. The deferral follows similar rejections in other states, such as North Dakota and Montana, where Bitcoin reserve proposals also failed to gain approval.

Although HB 1202 failed to pass, discussions around state-held Bitcoin reserves are expected to continue. Some of the states that have started making such motions for new laws include Florida, Missouri, and Arizona.

Currently at press time, Bitcoin price is at $91,824, the asset depreciated by 4% in the last 24 hours. The total market cap is $1.82 trillion with a daily trade volume being $48.24 billion and having an increase rate of 180%.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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OKX Pays $84 Million to Settle US DOJ Probe

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Aux Cayes FinTech Co. Ltd, a subsidiary of OKX Exchange, has resolved a probe from the United States Department of Justice (DOJ). The firm reportedly paid $84 million in fees and agreed to a bigger asset forfeiture to settle the probe.

OKX US DOJ Probe Now One in Many

Notably, the investigation into the firm hinges on its operations as an unlicensed money transmitter in the U.S. Besides the $84 million fines, Aux Cayes also agreed to a $421 million fee forfeiture.

Before this settlement, OKCoin, the United States division of the trading platform, received a subpoena from the Commodity Futures Trading Commission (CFTC) on February 24, 2024. According to reports, the Subpoena detailed the activities of persons linked to the exchange engaging in fraud.

This settlement is one of the core crypto cases coming to an end under the Donald Trump administration. As reported earlier by CoinGape, the Securities and Exchange Commission (SEC) closed its case with Robinhood following a Wells Notice issue last year.

This is a developing story, please check back for updates!!!

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Investments Take A Hit While XRP Leads Altcoins With Net Inflows

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Last week’s digital asset investment products saw Bitcoin investments taking a major hit amid macro uncertainty, inflation, and monetary policy, as well as uncertainty around trade tariffs from US President Donald Trump. As a result of this, the BTC short positions have also piled up significantly during the last week.

Bitcoin Leads $924 Million Crypto Investment Outflows

Last week, crypto investment products saw outflows totaling to $508 million, thereby taking the last two weeks of outflows to $924 million. Crypto research firm CoinShares noted that BTC has suffered the most with crypto market outflows and the macro uncertainty.

The report also notes that following the US Presidential inauguration and uncertainty around Trump trade tariffs, investors have started exercising caution. “This is also evident in trading turnover, which has fallen considerably from US$22bn 2 weeks ago to US$13bn last week,” it noted.

As per regional distribution, the United States dominated the outflows with $560 million. On the other hand, markets such as Europe witnessed healthy inflows, with Germany and Switzerland being the two biggest markets totaling $30.5 million and $15.8 million in inflows respectively.

Bitcoin experienced significant outflows totaling $571 million, as some investors shifted their strategies by increasing short positions, leading to $2.8 million in inflows for short-Bitcoin products.

As per the Coinglass data, the trading activity in Bitcoin options market is also increasing considerably. As of now, the BTC options trading volume is up 111% to more than $1.8 billion.

XRP Leads Altcoin Inflows

Apart from Bitcoin, the altcoins market continued to see inflows. Last week, XRP was leading the pack with $38.5 million in net inflows. Ever since Donald Trump seized citory in US elections in mid-November 2024, XRP has witnessed inflows of a total of $819 million with the hope that the SEC will drop the Ripple lawsuit this year in 2025.

Ripple is scheduled to file its appellate brief on April 16, 2025. Lawyer MetaLawman has suggested that the XRP lawsuit could potentially be resolved before this submission.

Solana led the inflows among altcoins with $8.9 million, followed by Ethereum with $3.7 million and Sui with $1.47 million, reflecting continued investor interest in these blockchain ecosystems.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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