In a stunning transfer on Tuesday, the U.S. Securities and Alternate Fee (SEC) initially permitted Bitwise’s proposal to transform its cryptocurrency index fund right into a full-fledged exchange-traded fund (ETF)—solely to halt the choice simply hours later.
In response to the information, the SEC’s Division of Buying and selling and Markets granted “accelerated approval” for the Bitwise 10 Crypto Index ETF, which tracks main digital property similar to Bitcoin, Ethereum, Solana, XRP, and Polkadot on a market cap-weighted foundation.
Nevertheless, the fee shortly hit pause. Assistant Secretary Sherry R. Haywood issued a keep underneath Rule 431, notifying that the choice would now endure a full Fee-level evaluation. “The July 22, 2025 order is stayed till the Fee orders in any other case,” the submitting learn.
Bitwise and SEC stay silent as uncertainty grows
Bitwise has but to remark publicly on the SEC’s reversal. In the meantime, an SEC spokesperson declined to debate particulars in regards to the choice or Bitwise’s software, citing commonplace protocol. The fund at the moment trades underneath the ticker BITW and is thought for offering diversified crypto publicity to institutional and retail buyers alike.
The surprising about-face echoes the SEC’s related delay earlier this month concerning Grayscale’s try and convert its Digital Giant Cap Fund into an ETF. Each instances counsel that whereas regulatory momentum is constructing, the trail to crypto ETF approvals stays complicated and politically delicate.
For now, the way forward for Bitwise’s ETF stays in limbo—permitted by one arm of the SEC, however awaiting ultimate judgment from the total Fee.
Kosta has been working within the crypto business for over 4 years. He strives to current totally different views on a given subject and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced protection of occasions and developments within the crypto area, offering info to his readers from a impartial perspective.
