The post SEC Delays Decision on Bitwise 10 Crypto Index ETF Application Until March 2025 appeared first on Coinpedia Fintech News
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on the Bitwise 10 Crypto Index ETF. The new deadline for the SEC to decide is now set for March 3, 2025. Meanwhile, the SEC’s notice clarifies that the delay should not be seen as a denial.
SEC Extends Review Period for Bitwise 10 Crypto ETF
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. The fund itself, valued at $1.4 billion, has been trading on the OTCQX Best Market since its launch in 2017.
The current proposal seeks to list the ETF on the NYSE Arca, offering crypto enthusiasts and investors a new way to access these major digital assets through a regulated product.
Delay Was No Surprise!
The delay, which comes as no surprise to many in the industry, highlights the SEC’s cautious approach toward approving crypto-based investment products.
As per the SEC’s process, it is required to make a decision within 45 days after the proposal is published in the Federal Register. Initially, the deadline for this decision was set for January 17, 2025, but it has now been extended to March.
Bloomberg ETF analyst James Seyffart noted that this delay was expected, mentioning on Twitter that it was likely the SEC would take more time to evaluate such proposals.
He also speculated that the SEC might delay its decision on another major crypto fund, Grayscale’s GDLC, which has a February deadline.
Industry Optimism Amid the Delay
Despite the SEC’s delays, industry insiders remain optimistic. Some believe these approvals could be expedited after President-elect Trump’s inauguration. Crypto analyst Marty Party remarked, “Expect all these [ETF applications] to be approved shortly after Trump’s inauguration.”
If the Bitwise 10 Crypto Index ETF is approved, it would be a major step forward for cryptocurrency investments. Meanwhile, Bitwise is also working on other crypto-related funds, including one that focuses on companies holding large amounts of Bitcoin.
