United States of America: Securities and Exchange Commission announced Rule change and opened consultation to list and trade shares of the Bitwise Ethereum ETF (File No. SR-NYSEARCA–2025–15)

On 12 March 2025, the US Securities and Exchange Commission (SEC) published a proposed rule change submitted by NYSE Arca, Inc. (File No. SR-NYSEARCA-2025-15) to list and trade shares of the Bitwise Bitcoin and Ethereum ETF under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares). The SEC is inviting public comments on the proposal until 2 April 2025. The ETF is structured as a Delaware statutory trust and will hold bitcoin and ether in proportions reflecting their respective market capitalisations. Digital asset custody will be provided by Coinbase Custody Trust Company, LLC, while cash holdings, administration, and transfer agency services will be managed by the Bank of New York Mellon. Shares will be valued daily using the CME CF Bitcoin New York Variant and CME CF Ether Dollar Reference Rate New York Variant benchmarks, with creations and redemptions settled in cash. The SEC stated that the proposal satisfies the requirements of Section 6(b)(5) of the Securities Exchange Act of 1934, citing surveillance-sharing agreements with CME and structural alignment with previously approved spot bitcoin and ether exchange-traded products.