Bitwise CIO predicts the emergence of a new asset class with Ethereum ETFs.

Ethereum exchange-traded funds are being prepared for launch on Wall Street.

Bitwise Asset Management's Matthew Hougan plans to enter the market for spot ether ETFs as soon as they are approved by the U.S. Securities and Exchange Commission, which could happen this week.

The chief investment officer of the firm stated on CNBC's "ETF Edge" on Monday that what is being observed is the emergence of a new asset class.

Hougan's firm is applying for spot ether ETFs.

"According to Hougan, investing in the growth of tokenization requires ethereum as the underlying technology, which supports all of it. He believes this will be attractive to many people."

Hougan believes that the success of the first spot bitcoin ETFs launched in January indicates a positive future for cryptocurrency ETFs as a multiyear story.

"Bitcoin is gaining acceptance in the mainstream, according to him. This trend is expected to continue for several years."

Since their launch, spot bitcoin ETFs have attracted approximately $15 billion and currently rank among the top ETF inflows this year, according to FactSet.

According to Hougan, the recent success of bitcoin is unprecedented and serves as a bullish indicator for spot ether ETFs.

"If the ethereum ETFs generate five, ten, or fifteen billion dollars in the first two years, that would be a huge success," Hougan stated.