The US Securities and Exchange Commission (SEC) has officially approved Bitwise's new exchange-traded fund (ETF), which combines Bitcoin and Ethereum. This significant decision allows investors to gain exposure to both cryptocurrencies within a single regulated financial product, weighted by market capitalization. The approval was granted on an accelerated basis, highlighting the SEC's commitment to fostering innovation while ensuring investor protection.

Bitwise's ETF will not only hold spot positions in Bitcoin and Ethereum but also maintain cash reserves, providing a balanced investment approach. This development comes amid a surge of interest in cryptocurrency ETFs, with several asset management firms racing to submit applications for various digital asset funds. Notably, this approval follows similar endorsements for other crypto ETFs from firms like Hashdex and Franklin Templeton.