Bitwise Asset Management hung a banner showcasing its latest spot Ethereum 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 …