• bitcoinBitcoin$99,714.823.21%
  • ethereumEthereum$3,425.156.05%
  • rippleXRP$3.0715.12%
  • binancecoinBNB$710.431.54%
  • solanaSolana$203.688.42%

SEC Delays Decision On Bitwise Crypto ETF

SEC Delays Decision On Bitwise Crypto ETF

The ETF seeks to provide investors with exposure to a diverse range of cryptocurrencies, including SOL, XRP, ADA, and more.

According to a regulatory filing on January 14, US regulators have stated that they require additional time to determine whether an exchange-traded fund (ETF) that is intended to function as a comprehensive crypto portfolio can be listed on the electronic securities exchange of the New York Stock Exchange.

The filing was in response to NYSE’s December request for permission to list the Bitwise 10 Crypto Index Fund on NYSE Arca.

Bitwise’s proposed exchange-traded fund would be the first diversified spot crypto ETF to enter the US markets if it is approved.

Additionally, it would be the first US exchange-traded fund (ETF) to invest in alternative cryptocurrencies, or “altcoins.”

The exchange-traded fund is intended to provide investors with exposure to a variety of cryptocurrencies, such as Bitcoin, Ether, Solana, XRP, Cardano, Avalanche, Bitcoin Cash, Chainlink, Uniswap, and Polkadot.

The SEC extended the timeline for reviewing Bitwise’s ETF. Source: SEC
The SEC extended the timeline for reviewing Bitwise’s ETF. Source: SEC

ETFs That Track Cryptocurrency Indexes Are Currently In Vogue

After funds holding BTC and ETH were listed in January and July, respectively, industry analysts predict that crypto index ETFs will be the next significant focus for issuers.

“Index exchange-traded funds are the subsequent logical progression, as indexes are efficient for investors, similar to how individuals purchase the S&P 500 in an exchange-traded fund.”

In August, Katalin Tischhauser, the head of investment research at the crypto bank Sygnum, informed Cointelegraph that this would be the case in the crypto sector.

Bitwise Bitcoin and Ethereum exchange-traded fund was another Bitwise index exchange-traded fund that the NYSE filed to list in November.

The asset manager stated in a post on X on November 26 that the proposed fund is designed to provide investors with a balanced exposure to the two largest crypto assets in the world in an easy-to-access format.

NYSE Arca requested permission from the SEC to list a proposed Grayscale index exchange-traded fund, Grayscale Digital Large Cap Fund, in an October filing.

Additional crypto index funds, such as those from asset managers Hashdex and Franklin Templeton, contribute to the competition.

Additionally, Bitwise is developing additional crypto ETFs.

Bitwise submitted a proposal in December to establish a new fund that would invest in publicly traded companies that have significant Bitcoin holdings.

According to a regulatory filing on December 26, the Bitwise Bitcoin Standard Corporations exchange-traded fund would invest in companies that have “adopted the ‘Bitcoin standard'” and maintain a minimum of 1,000 BTC in their corporate treasuries.

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