Bitwise has verified that trading for two Ethereum futures exchange-traded funds (ETFs) will begin on October 2nd.

Bitwise Asset Management, the largest cryptocurrency index fund manager in the US, has announced its plans to launch two Ethereum-themed ETFs: Bitwise Ethereum Strategy ETF (AETH) and Bitwise Bitcoin and Equal Weight Strategy ETF (BTOP).

Scheduled to begin trading on October 2, these ETFs will allow investors to tap into the Ethereum futures market on the Chicago Mercantile Exchange (CME) via a regulated ETF format.

Hunter Horsley, CEO of Bitwise, expressed his enthusiasm for the initiative, citing the widespread use and growth of Ethereum. “Ethereum (ETH) now has billions in revenue, millions of users, and thousands of top apps and developers,” he said.

These ETFs come at a pivotal time, as Ethereum-based applications have grown exponentially. According to Bitwise, stablecoins processed more than $1 trillion in the first quarter of 2023, rising from virtually none in 2019 to a $125 billion market today.

Likewise, total capital deposited across decentralized finance (defi) applications built on Ethereum has increased 60-fold since 2019 to reach $40 billion today.

Given its unique capabilities, Matt Hogan, CTO at Bitwise, believes Ethereum offers a broader wallet opportunity than Bitcoin (BTC).

“Like alternatives, Ethereum’s correlation with traditional stocks over the past two years has been low and trending downward. At the same time, its increasing usage and cash flows suggest it has the characteristics of a growth asset. This combination makes Ethereum an outstanding asset in investment portfolios.”

Matt Hogan, Head of IT at Bitwise

These ETFs are the latest additions to Bitwise’s extensive suite of professionally managed instruments, which includes the Bitwise Crypto Industry Innovators ETF (BITQ), Bitwise Bitcoin Strategy Optimum Roll ETF (BITC), and Bitwise Web3 ETF (BWEB).

With companies like BlackRock, Invesco, and Valkyrie still on hold awaiting the green light for their Bitcoin ETF applications from the US Securities and Exchange Commission (SEC), several companies are venturing into the Ethereum ETF space.

For example, Invesco, a popular asset manager, is reportedly investigating the possibilities of launching an Invesco Galaxy Ethereum ETF.