Bitwise filed its application for a spot Ethereum ETF with the SEC on March 28. The submission, made via an S-1 form, outlines plans for the Bitwise Ethereum ETF to provide exposure to ETH's value.

Details include intentions to list on NYSE Arca and utilize Coinbase Custody as a custodian, although specifics regarding ticker and fees were not disclosed. Unlike competitors, Bitwise's application does not discuss the prospect of staking ETH for returns. A related 19b-4 filing by NYSE Arca proposes a rule change to list Bitwise's spot Ethereum ETF, supported by Bitwise's analysis showing a "strong correlation" between ETH spot and CME ETH futures markets, akin to arguments made for spot Bitcoin ETFs. Despite Bitwise's efforts, prospects for pending spot Ethereum ETFs remain bleak, with analysts estimating low odds of approval by May 23, citing a lack of indications from the SEC similar to those preceding spot Bitcoin ETF approvals.

Multiple asset managers, including VanEck, have pending applications alongside Bitwise.