Bitwise, an asset management company, has made a significant move in the cryptocurrency sector by formally requesting approval from the United States Securities and Exchange Commission (SEC) to launch a spot Ether (ETH) exchange-traded fund (ETF).

On March 28, Bitwise filed a Form S-1 registration statement with the SEC, indicating its desire to introduce shares of its Ethereum ETF to the market.

This filing comes at a time of ongoing speculation surrounding how the SEC categorizes Ether from a regulatory perspective, potentially influencing the future availability of spot ETFs.

Bitwise intends to have the ETH investment product listed on NYSE Arca, as evidenced by a 19b-4 amendment submission to the SEC.

Having previously secured SEC consent to list and trade shares of its spot Bitcoin (BTC) ETF in January, Bitwise continues to lead the way in the realm of crypto ETFs.

As the final deadline for the SEC to approve or reject the latest round of spot ETH ETF applications looms on May 23, industry watchers are eagerly anticipating the regulatory decision. VanEck is among the initial contenders vying for consideration.

While hopes were high for approval in 2023, there are signs that the SEC may exercise greater caution in 2024, potentially influencing the fate of pending ETF applications.

Several well-known companies, including Fidelity, Hashdex, and ARK 21Shares, have spot ETH ETF proposals awaiting evaluation by the SEC.

It is noteworthy that the SEC began greenlighting investment products tied to Ether futures in October 2023, underscoring the growing acceptance of cryptocurrencies as viable investment instruments.