Bitwise has filed for the right to issue a spot ether exchange-traded fund even as questions continue to swirl around when the Securities and Exchange Commission might give such products the green light.

Bitwise filed its S-1 form for what it is calling the Bitwise Ethereum ETH +2.25% ETF with the SEC on Thursday. The move follows comments made earlier this month in which the firm's CIO Matt Hougan said it might be better if the SEC doesn't approve the new instruments in May, when the agency is scheduled to approve or deny the first pending applications for spot ether ETFs.

At one juncture, market watchers were confident a spot ether ETF would gain approval, given spot bitcoin ETFs began trading in January. The newly issued products have generated more than $150 billion in trading volume and have largely been lauded as a success. 

Chances of spot ether ETF in May dim

Bloomberg ETF analysts, however, recently estimated the chances of a spot Ethereum exchange-traded fund gaining approval in May to be about 30%.

James Seyffart, a Bloomberg analyst, pointed out on Thursday that one key filing on the part of Bitwise is, for now, missing. "Bitwise just filed an S-1 for their Ethereum ETF," said Seyffart in a post to X. "They have not yet filed a 19b-4." An 19b-4 is used when proposing the SEC change an existing rule.