Bitwise CIO Sees Birth of New Asset Class

Ether spotting is only a few days away?

Wall Street is preparing for a new wave of cryptocurrency ETFs: Ethereum.

Spot ether ETFs could hit the market as early as this week, if the US Securities and Exchange Commission gives them the go-ahead. Bitwise Asset Management’s Matthew Hougan is keen to get in on the action.

“What we're seeing here is the birth of a new asset class,” the firm's chief investment officer told CNBC's “ETF Edge” on Monday.

Hougan's firm is applying for spot ether ETFs.

“If you want to invest in the growth of tokenization, ethereum is like the picks and shovels game,” Hougan said. “It’s the foundation of everything. … I think that’s going to appeal to a lot of people.”

He thinks cryptocurrency ETFs in general are a multi-year story. Hougan points to the first spot bitcoin ETFs that launched in January. He sees their success as a good indicator of the future.

“Are [bitcoin] “Going mainstream,” he noted. “That's going to be a multi-year story.”

According to FactSet, spot bitcoin ETFs have attracted about $15 billion since their launch and are currently responsible for two of the largest ETF inflows this year.

Hougan sees bitcoin's recent success as unprecedented and sees it as a positive indicator for spot ether ETFs.

“If we raise five, ten, fifteen billion dollars in the first two years of these Ethereum ETFs, that will be a huge success,” Hougan said.

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