Guitar and Bass amps have both potential problems with theremins:
a) the magnetic pickups of guitars and basses have an output voltage of about 2 to 5 mV while a theremin has almost line level, around 200 to 500mV. Thus you risk to overdrive the input stage of the guitar or bass amp which will give an unpleasant and distorted sound.
b) guitar and bass amps have no flat frequency response but they attenuate higher frequencies to compensate the inductive effects of magnetic pickups. Thus your theremin will not only sound distorted (see above) but also muffled.
That's why I always recommend using a keyboard amp, which accepts a higher input level and has a flat frequency response. The Behringer KT-108 works very well with the Etherwave and costs only around $99. Still much better are active studio monitor speakers. I use a Yamaha MSP-3 which can be mounted on a mic stand at ear height behind or besides the player and gives an excellent analytic sound. (ok, this solution is somewhat more expensive, the MSP-3 plus mic stand adapter plus mic stand is around $300, but it's worth every cent!)