The SEC accepted the application to convert the Bitwise 10 Crypto Index Fund into an ETF last night.
The new spot ETF consists of 10 cryptocurrencies: Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), Cardano (ADA), Sui (SUI), Chainlink (LINK), Litecoin (LTC), Polkadot (DOT), and Avalanche (AVAX).
The SEC's latest decision regarding the Bitwise ETF is the second cryptocurrency-based hybrid ETF approval, following the July 1 approval for Grayscale's BTC, ETH, XRP, SOL, and ADA fund to be converted into a spot ETF.
However, just like the Grayscale approval, Bitwise also suspended its ETF approval.
The SEC had approved Bitwise's fund listing through its own Bureau of Trading and Markets' delegated approval process. However, the Commission has decided to re-evaluate the decision made under this authority, pursuant to 17 CFR 201.431.
On July 22, 2025, the Division of Trading and Markets granted Expedited Approval of Proposed Rule Amendment No. 1 to List and Trade Shares of the Bitwise 10 Crypto Index ETF Under Amended NYSE Arca Rule 8.500-E (Trust Units).
However, pursuant to Rule 431 of the Commission Implementing Rules, 17 CFR 201.431, the Commission will review the delegated transaction. Pursuant to Rule 431(e), the decision dated July 22, 2025, is deferred until the Commission determines otherwise.
The Commission Secretariat announced that it will inform the NYSE and relevant parties about any new decisions to be made during the review process.
*This is not investment advice.