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    Bitwise Chief Investment Officer Believes In The Emergence Of Ethereum ETF As A New Asset Class

    Wall Street is preparing for the arrival of new cryptocurrency exchange-traded funds (ETFs) focused on ethereum.

    Spot ethereum ETFs may become available as early as this week pending approval from the U.S. Securities and Exchange Commission. Bitwise Asset Management’s Chief Investment Officer, Matthew Hougan, is eager to participate in this development.

    Describing the situation, he mentioned, “What you’re seeing is this sort of the birth of a new asset class,” during an interview on CNBC’s “ETF Edge.”

    Bitwise’s firm is currently seeking approval for spot ethereum ETFs.

    Commenting on the potential of investing in the tokenization growth, Hougan highlighted ethereum as a foundational element, stating, “If you want to invest in the growth of tokenization, ethereum is like the picks and shovels play as it underpins all of it. … I think that is going to appeal to a lot of people.”

    Hougan believes that cryptocurrency ETFs represent a long-term investment opportunity. He pointed out the success of the initial spot bitcoin ETFs launched in January as a positive sign for the future.

    Referring to bitcoin’s growing acceptance, he remarked, “It’s [bitcoin] moving into the mainstream and that’s going to be a multiyear story.”

    Since their launch, spot bitcoin ETFs have gathered around $15 billion in assets and currently rank among the top ETF inflows for the year, according to FactSet data.

    Hougan sees bitcoin’s achievements as exceptional and interprets them as a positive sign for potential success in spot ethereum ETFs.

    Looking ahead, he speculated, “If we get five or 10 or 15 billion dollars in the first two years of these ethereum ETFs, that is a massive runaway success.”

    Image Source: gopixa / Shutterstock

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