ProShares and Bitwise have submitted proposals to the U.S. Securities and Exchange Commission (SEC) for the establishment of an exchange-traded fund (ETF) that would concentrate on Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH).

As per the application from ProShares, the Bitcoin and Ether Equal Weight ETF is intended to track "the performance of maintaining long positions in the soonest maturing monthly Bitcoin and Ether futures contracts."

Simultaneously, Bitwise has lodged an application for a Bitcoin and Ether Market Weight ETF.

The anticipation surrounding the potential approval of a spot bitcoin exchange-traded fund has been growing recently.

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Currently, the U.S. only permits investments in Bitcoin futures ETFs, which are supported by Bitcoin derivatives.

This recent application expands ProShares' portfolio of crypto-related funds, which already includes a Bitcoin futures ETF.

In the previous month, the group submitted a proposal to the SEC for an ETF that would focus on the metaverse.

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