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.

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

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 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.