Bitwise hangs banner on NYSE facade to promote spot Ethereum ETF

The Block2024/07/26 09:13

By:Timmy Shen

A video posted by Bitwise’s executive shows that a banner advertising the spot ether ETF was raised over the New York Stock Exchange building.Bitwise’s ETHW started trading on Tuesday with $204.2 million in net inflows, and it recorded $16.34 million in net inflows on Thursday.

Bitwise Asset Management hung a banner showcasing its latest spot Ethereum ETH +2.30% exchange-traded fund on the facade of the New York Stock Exchange on Thursday, according to a video posted on X by the firm’s executive.

Teddy Fusaro, president of Bitwise, posted the video clip in which a banner was raised over Wall Street. The banner reads “ETHW, Bitwise Ethereum ETF,” advertising the newly launched ETF product.

“[The] SEC surrenders to a more powerful regulator,” Balaji Srinivasan, former Coinbase’s CTO, former CTO of Coinbase, wrote on X in reaction to the banner. “Because it is Ethereum that now provides standardized market access to all Internet participants. The network defeats the state,” Srinivasan said.

Bitwise’s ETHW began trading on Tuesday and recorded $204 million in net inflows on its first day. The ETF then saw $29.6 million on Wednesday and $16.3 million on Thursday in net inflows, according to data from SosoValue.

The nine U.S. spot ether ETFs experienced $152.3 million in net outflows on Thursday, their third day of trading, continuing the outflows from the previous day.

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