- The SEC has extended the decision period for Bitwise\'s ETF application to March 3, 2025.
- The Bitwise 10 Crypto Index Fund includes top crypto assets like Bitcoin, Ethereum, XRP, and Solana.
The Securities and Exchange Commission (SEC) has extended its review period for the Bitwise 10 Crypto Index ETF application, with a new decision deadline set for March 3, 2025.
According to the SEC filing, the extension is necessary to thoroughly assess the proposal, which seeks to list the Bitwise 10 Crypto Index Fund (BITW) on NYSE Arca as an exchange-traded product.
The filing reveals that NYSE Arca initially submitted the application to the SEC on November 15, 2024.
The SEC published the proposed rule change in the Federal Register on December 2, initiating a public comment period.
Under the Securities Exchange Act, the Commission can extend its review to ensure a comprehensive evaluation of the potential implications of approving such a product.
Bitwise’s 10 Crypto Index Fund, valued at $1.4 billion, currently trades on the OTCQX Best Market. The fund, launched in 2017, tracks the performance of the 10 largest crypto assets by market capitalization, including Bitcoin, Ethereum, Solana, and XRP.
Bitwise CEO Hunter Horsley has emphasized the benefits of converting the fund into an ETF, citing enhanced investor protections, improved efficiency, and a closer alignment with Net Asset Value (NAV).
The SEC’s decision to delay follows its cautious approach toward crypto-related investment products.
The filing notes that no public comments have been received on the proposed rule change, but the Commission remains focused on understanding the broader implications of introducing a broad-based crypto index ETF.
Matt Hougan, Bitwise’s Chief Investment Officer, highlighted the fund’s pioneering role in providing index-based exposure to the crypto market.
“Since its inception, BITW has aimed to offer investors diversified exposure to the groundbreaking potential of crypto markets,” Hougan said.
The SEC has previously expressed concerns about market manipulation, liquidity, and investor protections in the context of crypto ETFs. By extending the review period, the Commission seeks to address these issues comprehensively before making a final decision.