The U.S. Securities and Exchange Commission (SEC) has fast-tracked the approval of a spot Bitcoin and Ethereum exchange-traded fund (ETF) from Bitwise.

The Bitwise Bitcoin and Ethereum ETF is set to be listed on NYSE Arca.

The fund will hold BTC and ETH in proportion to their market capitalization, alongside cash reserves.

Previously, the SEC had approved similar products from Hashdex and Franklin Templeton.

On January 21, REX Shares, a subsidiary of Osprey Funds specializing in digital assets, filed for ETFs based on Ethereum, Solana, XRP, BONK, TRUMP, and DOGE.

Two days later, Bitwise registered a legal entity in Delaware for a potential DOGE ETF, a standard step before filing with the SEC.

In December, top executive Ruslan Lienkha from crypto exchange YouHodler suggested that Ethereum ETFs could incorporate staking rewards, a sentiment echoed by analysts at Bernstein.

The SEC is also reviewing Nasdaq’s application for a Litecoin ETF from Canary Capital, along with five Solana ETF filings from VanEck, 21Shares, Canary, Bitwise, and Grayscale.

In November, Bitwise and 21Shares applied for spot XRP ETFs, while Bitwise initiated DOGE ETF registration in January.

Industry experts remain optimistic about the approval of new crypto ETFs, citing regulatory shifts and the departure of Gary Gensler as SEC Chair. In January, Commissioner Hester Peirce was appointed to lead the SEC’s new Digital Assets Task Force.