The U.S. Securities and Exchange Commission (SEC) has granted approval for Bitwise’s combined Bitcoin and Ethereum exchange-traded fund (ETF) on an accelerated basis.

The US Securities and Exchange Commission (SEC) has approved a key part of an application for a new exchange-traded fund (ETF) that would track Bitcoin and Ethereum, the two largest cryptocurrencies.

Bitwise's product, launched with the New York Stock Exchange, gives investors exposure to both spot bitcoin (BTC) and ethereum (ETH), weighted by market capitalization. NYSE Arca filed a 19b-4 form with the SEC last November.

The US Securities and Exchange Commission has given initial approval to Bitwise Asset Management’s exchange-traded fund tracking the price of Bitcoin and Ethereum. The regulator on Jan. 30 approved the fund’s form 19b-4 — the first step in the process that would allow the ETF to start trading.

The Bitwise Bitcoin and Ethereum ETF from Bitwise Asset Management would seek to provide investors with a balanced exposure to the two digital assets, weighted by their market capitalization. The structure of the fund will be similar to existing ETFs that hold either Bitcoin or Ether directly.

The SEC has expedited the approval of Bitwise's combined $BTC and $ETH ETF, marking a stark contrast from the Gensler SEC's waiting period for approving similar offerings.

The SEC has approved Bitwise to list its new ETF that holds both Bitcoin and Ethereum on NYSE Arca on an accelerated basis.

The SEC approves NYSE's listing of Bitwise's hybrid ETF, offering exposure to both Bitcoin and Ethereum in one investment product.