Bitwise’s move to promote their Ethereum ETF with a banner on the NYSE is not just a marketing tactic but a declaration of confidence in the future of ETH.
Bitwise Asset Management made a significant statement by displaying a banner on the New York Stock Exchange (NYSE) facade, promoting their newly launched spot Ethereum exchange-traded fund (ETF). The banner, which reads “ETHW, Bitwise Ethereum ETF”, marks the launch of the first-ever spot Ethereum fund in the US, a truly innovative move for the cryptocurrency sector.
The announcement was shared through a video posted on X by Bitwise’s president Teddy Fusaro. He revealed the event when the banner was unfurled over Wall Street, attracting the attention of both crypto enthusiasts and financial experts.
Bitwise Ethereum ETF banner going up outside the iconic facade at the New York Stock Exchange this evening.
— Teddy Fusaro (@teddyfuse) July 25, 2024
For the fund’s prospectus & risk disclosures, visit: https://t.co/coYFoKerma pic.twitter.com/KKjkmW8hKA
Ethereum ETF’s Impact on the Market
Consequently, the reaction to this bold move was immediate. Balaji Srinivasan, former CTO of Coinbase, commented on X:
“The SEC surrenders to a more powerful regulator… The network defeats the state.”
His statement highlights the increasing influence of decentralized networks like Ethereum over traditional regulatory bodies.
Furthermore, Nate Geraci, president of The ETF Institute, also shared his excitement, stating:
“What a moment. The word “Ethereum” hanging from the 120-year-old New York Stock Exchange building. The picture might end up in the history books someday.”
Bitwise’s ETHW performed impressively at the start of the new trading platform that started on July 23, 2024. For the first day of trading, the total net inflows of the ETF amounted to $204 million. This trend was sustained with inflows of $29.6 million on the second day and $16.3 million on the third day. SosoValue data show that this new financial product is gaining investment interest and trust from investors.
The launch of Bitwise’s Ethereum ETF comes after the firm filed an amended S-1 registration with the SEC earlier this month. The fund provides a management fee of 0.20% and a promotional zero fee on the first $500 million in assets for the first six months. With this attractive and competitive pricing strategy, the company is expected to draw a wide variety of investors.
Bitwise Bets Big on Ethereum
Despite the positive reception of Bitwise’s Ethereum ETF, the overall market for spot Ether ETFs in the U. faced challenges. The nine US spot Ether ETFs experienced $152.3 million in net outflows on their third day of trading, indicating a volatile market landscape.
Bitwise’s move to promote their Ethereum ETF with a banner on the NYSE is not just a marketing tactic but a declaration of confidence in Ethereum’s future. By providing investors with direct exposure to Ethereum, Bitwise aims to diversify portfolios and support the growth of sectors like stablecoins, NFTs, DeFi, and tokenization driven by the Ethereum blockchain.
Moreover, Bitwise emphasized its commitment to be transparent by publishing the Ethereum addresses of ETHW’s holdings which enable investors to confirm the fund’s assets on the blockchain directly. Apart from this, Bitwise plans to allocate 10% of ETHW’s profits to the Ethereum open-source development, thus further consolidating its relationship with the Ethereum ecosystem.
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