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 Securities and Exchange Commission has approved part of an application by Bitwise Asset Management for a combined bitcoin (BTC-USD) and ether (ETH-USD) exchange-traded fund. The proposed Bitwise Bitcoin and Ethereum ETF will hold both spot bitcoin (BTC-USD) and spot ether (ETH-USD) weighted according to their market capitalizations,

Bitcoin ETFs could be on track to notch net inflows of over $50 billion this year after they took in nearly $5 billion over January, says Bitwise chief investment officer Matt Hougan.

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 on Thursday approved part of an application for a novel exchange-traded fund that would track the two largest cryptocurrencies.

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 Bitwise fund's asset allocation reflects market capitalization proportions, comprising 83% Bitcoin and 17% Ethereum.

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.