Bitwise’s ETHW Launches as Spot Ethereum ETF

Bitwise’s ETHW is set to begin trading in the U.S. on Tuesday, becoming the first U.S. spot Ethereum ETF to publish its wallet addresses for ether holdings. The crypto asset manager had previously committed to this transparency, enabling verification of ETHW’s holdings and flows directly on the blockchain.

Bitwise has listed five Ethereum addresses on its site, each with a sub-name format that simplifies transactions using the Ethereum Name Service (ENS). ENS allows for easy-to-remember names like “alice.eth” instead of long, complex addresses.

In a statement, Bitwise highlighted the advantages of blockchain transparency, allowing the public to create dashboards and smart contracts that utilize these records. The Ethereum Name Service welcomed the move, calling ETHW the most crypto-native ETF.

Bitwise plans to add more addresses over time, following its earlier initiative of disclosing Bitcoin addresses for its spot Bitcoin ETF.

Spot Ethereum ETFs Trading

On Monday, registration statements for several firms seeking a spot Ethereum ETF were approved by the U.S. Securities and Exchange Commission. This includes companies like 21Shares, BlackRock, and Fidelity, among others.

Bitwise’s ETHW will be traded on the NYSE, with Coinbase as its digital asset custodian. The ETF has a management fee starting at 0.2% but will be reduced to 0% for the first six months on the initial $500 million in assets. Additionally, Bitwise announced that 10% of profits will be donated to open-source Ethereum developers.