Wall Street is gearing up for a new wave of crypto exchange-traded funds: Ethereum.
Ethereum spot exchange-traded funds could hit the market this week, pending approval from the U.S. Securities and Exchange Commission, and Matthew Hogan of Bitwise Asset Management plans to get in on the act.
“What you’re seeing is kind of the birth of a new asset class,” the firm’s chief investment officer told CNBC on Monday.
Hogan applies for spot ether ETF.
“If you want to invest in token growth, Ethereum is like a pick and shovel game,” Hogan said. “It supports all of that… I think that’s going to appeal to a lot of people.”
Hogan believes that crypto ETFs in general are a multi-year story. He points to the first Bitcoin ETFs that launched in January. He sees their success as a good sign for the future.
“Bitcoin is going mainstream, and it’s a story that will continue for many years,” he noted.
Spot bitcoin ETFs have attracted about $15 billion since their launch, and currently have two of the largest ETF inflows this year, according to FactSet.
Hogan sees Bitcoin's recent success as unprecedented and sees it as a bullish sign for Ether ETFs.
“If we get $5, $10, $15 billion in the first two years of Ethereum ETFs, that’s a huge success,” Hogan said.
