Bitwise, a cryptocurrency asset management firm, is venturing into the potential launch of an exchange-traded product (ETP) that will focus on Ethereum's (CRYPTO:ETH) layer 2 networks and applications.

The company's chief investment officer, Matt Hougan, shared his enthusiasm for the project, admitting he felt a mix of embarrassment and excitement for not having introduced such a product sooner.

Hougan's interest in the Ethereum ecosystem is backed by his "extraordinary confidence" in its continuous evolution, despite uncertainties around which layer 2 solutions and applications will ultimately prevail.

His remarks, made in a Forbes interview published on March 31, highlight the company's keen interest in capturing a portion of the dynamic and expanding Ethereum network through a specialised ETP.