Bitwise's Matt Hougan is playing the long game with Ethereum ETFs. While the investment firm is vying for an Ether ETF crown, Hougan hopes the SEC pumps the brakes until December.

Riding the wave of recently approved Spot Bitcoin ETFs, Bitwise has tossed its hat in the Ether ETF race with an SEC filing for a "Bitwise Ethereum Trust." This ETF would hold actual Ether tokens and potentially tap into staking rewards from trusted custodians. "The May timeline is possible, but I doubt it," Hougan told Forbes. "An Ether ETF will happen, mark my words."

Dencun Who? Ether Struggles for Mindshare

Despite Ethereum's major Dencun upgrade, Hougan admits getting financial advisors hyped about Ether remains an uphill battle. "Bitcoin dominates the crypto conversation for institutional investors," he said.

Last week, the tides turned for approved Spot Bitcoin ETFs, which collectively reeled in $418 million after weathering outflows. BlackRock and Fidelity led the charge.

Phased Approach? Hougan Makes the Case

Hougan expects investors to warm up to crypto through a phased approach – Bitcoin first as the gateway, then a hunger for diversification. While the market sees a 50/50 chance for a May Ether ETF nod, Hougan advocates a more deliberate rollout.

"I know it sounds crazy, but giving TradFi time to get comfy with Bitcoin makes sense before introducing Ethereum," Hougan stated. "Shove it down their throats in May, and they might choke."