Important points
- The SEC has extended the decision period for Bitwise's ETF application until March 3, 2025.
- Bitwise 10 Crypto Index Fund includes top crypto assets such as Bitcoin, Ethereum, XRP, and Solana.
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The Securities and Exchange Commission (SEC) has extended the review period for the Bitwise 10 Crypto Index ETF application and set a new decision deadline of March 3, 2025.
According to SEC filings, the extension is necessary to thoroughly evaluate the proposal to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product on the NYSE Arca.
NYSE Arca first filed its application with the SEC on November 15, 2024, according to filings.
The SEC published the proposed rule changes in the Federal Register on December 2 and began a public comment period.
Under the Exchange Act, the Commission may extend its review to comprehensively assess the potential impact of approving such products.
Bitwise's 10 Crypto Index Fund is valued at $1.4 billion and currently trades on the OTCQX Best Market. Founded in 2017, the fund tracks the performance of the top 10 crypto assets by market capitalization, including Bitcoin, Ethereum, Solana, and XRP.
Bitwise CEO Hunter Horsley highlights the benefits of converting funds into ETFs, citing increased investor protection, improved efficiency and closer alignment with net asset value (NAV) did.
The SEC's decision to postpone is based on the SEC's cautious approach to crypto-related investment products.
The filing states that while public comments have not yet been received on the proposed rule changes, the Commission remains focused on understanding the broader implications of introducing a broad-based crypto index ETF. There is.
Bitwise Chief Investment Officer Matt Hogan highlighted the fund's pioneering role in providing index-based exposure to the crypto market.
“Since its founding, BITW has aimed to provide investors with diversified exposure to the breakthrough potential of the crypto market,” said Hogan.
The SEC has previously raised concerns about market manipulation, liquidity, and investor protection related to crypto ETFs. By extending the review period, the committee seeks to comprehensively address these issues before making a final decision.
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