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The U.S. Securities and Exchange Commission (SEC) has extended its review period for the Bitwise 10 Crypto Index ETF, setting a new deadline for March 3, 2025. The SEC’s latest notice clarifies that the delay should not be interpreted as a denial, leaving room for optimism within the cryptocurrency investment space.
Bitwise’s ETF, which tracks the performance of the top 10 cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Solana, and XRP, was initially filed with the SEC in November 2024. With a valuation of $1.4 billion, the fund has been trading on the OTCQX Best Market since 2017. The new proposal seeks to list the ETF on the NYSE Arca, providing investors with a regulated avenue to access major digital assets.
Delay Not Surprising to Industry Experts
The delay is hardly surprising to those familiar with the SEC’s cautious stance on crypto-based investment products. As per SEC regulations, the commission has a 45-day window to make a decision after a proposal is published in the Federal Register. While the initial deadline for a ruling was set for January 17, 2025, it has now been pushed to March 2025.
Bloomberg ETF analyst James Seyffart highlighted that this delay was anticipated, noting that the SEC tends to take additional time when evaluating cryptocurrency-focused proposals. Seyffart also speculated that other crypto fund proposals, including Grayscale’s GDLC, might face similar delays, with its deadline approaching in February.
Optimism Amid Delays
Despite the extended review period, industry insiders remain hopeful that these delays could be short-lived. Some experts believe that ETF approvals may gain momentum following the inauguration of President-elect Donald Trump. Crypto analyst Marty Party predicted that the approval process for various ETFs could accelerate shortly after Trump’s inauguration.
Also Read: XRP Lawsuit Update: SEC and Ripple File Stipulation Amid Price Surge
If approved, the Bitwise 10 Crypto Index ETF would represent a significant milestone in the evolution of cryptocurrency investments. Meanwhile, Bitwise is also exploring other crypto-related funds, including one targeting companies with substantial Bitcoin holdings.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
