The US Securities and Exchange Commission on Thursday approved part of an application for a novel exchange-traded fund that would track the two largest cryptocurrencies.

The U.S. Securities and Exchange Commission (SEC) has granted fast-track approval for Bitwise’s spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Fund (ETF), significantly shortening the usual review process. The approval was given just 45 days after the filing, bypassing the standard 240-day period.

Bitwise's product, launched with the New York Stock Exchange, gives investors exposure to both spot bitcoin (BTC) and ethereum (ETH), weighted by market capitalization. NYSE Arca filed a 19b-4 form with the SEC last November.

The US Securities and Exchange Commission has given initial approval to Bitwise Asset Management’s exchange-traded fund tracking the price of Bitcoin and Ethereum. The regulator on Jan. 30 approved the fund’s form 19b-4 — the first step in the process that would allow the ETF to start trading.

The SEC has expedited the approval of Bitwise's combined $BTC and $ETH ETF, marking a stark contrast from the Gensler SEC's waiting period for approving similar offerings.

The Bitwise fund's asset allocation reflects market capitalization proportions, comprising 83% Bitcoin and 17% Ethereum.

The SEC's “accelerated approval” grants NYSE Arca to list and trade shares of the hybrid Bitwise's Bitcoin and Ethereum fund.

The US Securities and Exchange Commission (SEC) has approved a key part of an application for a new exchange-traded fund (ETF) that would track Bitcoin and Ethereum, the two largest cryptocurrencies.