Bitwise’s ETHW is one of several spot Ethereum exchange-traded funds scheduled to start trading in the United States on Tuesday following the release of the fund’s wallet addresses by the cryptocurrency asset management.
According to a post on Tuesday, Bitwise becomes the first U.S. spot Ethereum ETF to disclose its Ethereum addresses and create Ethereum Name Service (ENS) subnames for each, despite having previously pledged to expose them.
With the help of ENS, users may shorten complex Ethereum addresses into memorable names like “alice.eth,” which makes sending and receiving transactions easier.
The company stated in a statement that only cryptocurrency allows for this level of openness. It makes it simple to create public dashboards or smart contracts that make use of the ENS records that are accessible, and it enables everyone to independently confirm ETHW’s holdings and transactions on the blockchain.
Ethereum Name Service said, “We’re thrilled to have collaborated with Bitwise to enhance transparency for its new Ethereum ETF using subnames of ethw.bitwise.eth. ETHW is now the most crypto-native ETF.”
Bitwise announced plans to add more addresses in the future, with the latest updates available on ethwetf.com. This transparency effort continued from January when it disclosed Bitcoin addresses for its spot Bitcoin ETF, BITB.
The last approval needed for such products to start trading today was obtained by companies competing for a spot in Ethereum ETF on Monday when their registration statements went into effect.
The SEC approved registration forms for Ethereum ETFs from 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck, and Invesco on Monday afternoon. Grayscale’s Ethereum Trust and Mini Trust were also approved.
Coinbase has been chosen to act as Bitwise’s digital asset custodian, and ETHW will be traded on the NYSE. The fund has a management fee of 0.2%, reduced to 0% for six months on the first $500 million in assets.
Bitwise declared on Monday that the open-source Ethereum developers will receive a donation of 10% of the ETF’s proceeds.