In a shock twist, the U.S. Securities and Change Fee (SEC) authorized Bitwise’s plan to transform its crypto index fund into an ETF, after which shortly put it on maintain.
Based on a filing on Tuesday, the SEC’s Division of Buying and selling and Markets granted “accelerated approval” to the Bitwise 10 Crypto Index ETF. However simply hours later, SEC Assistant Secretary Sherry R. Haywood issued a keep, saying the complete Fee will evaluate the choice.
“This letter is to inform you that… the July 22, 2025 order is stayed till the Fee orders in any other case,” Haywood acknowledged, citing Rule 431 of the SEC’s Guidelines of Observe.
Bitwise’s fund, buying and selling below the ticker BITW, consists of high cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Polkadot, weighted by market cap.
This last-minute pause echoes an analogous transfer the SEC made earlier this month with Grayscale’s Digital Massive Cap Fund. Whereas it initially authorized Grayscale’s ETF conversion, it reversed course the subsequent day.
Specialists like Van Buren Capital’s Scott Johnsson and Bloomberg’s James Seyffart imagine the SEC may very well be stalling till it finalizes a brand new crypto ETF framework. Such a framework might pace up listings and exchange the prolonged 240-day evaluate course of at present required.
The delay comes because the SEC weighs a rising variety of ETF proposals monitoring property from Solana to Dogecoin amid a extra crypto-friendly local weather below the Trump administration. For now, Bitwise and buyers await the SEC’s subsequent transfer.
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