The SEC announced it needs additional time to review the proposal thoroughly. The goal of the Bitwise 10 Crypto Index Fund is to monitor the market value performance of the top ten cryptocurrencies. Major participants in the fund include, among others, XRP, Ethereum, Solana, and Bitcoin.
On November 14, 2024, the NYSE Arca submitted the plan to the SEC. No comments have been submitted since it was posted for public comment in the Federal Register on December 3.
The SEC’s original deadline for a ruling was January 17, 2025. But it has extended the review period to consider the probable effect of the fund on the market.
An important first step toward incorporating bitcoin investing tools into established financial systems would be the ETF’s approval. The SEC’s cautious attitude is a reflection of its overall crypto regulatory strategy.
James Seyffart, a Bloomberg ETF analyst, stated on Twitter that the delay was to be expected. He further speculated the SEC might delay its decision on Grayscale’s GDLC fund, which is due February 2, 2025.
However, Bitwise filed a new ETF for companies that have exposure to Bitcoin on their balance sheet; the SEC has not yet ruled on the latter.
