The highest securities regulator within the US is pausing Bitwise’s plan to transform its Bitwise 10 Crypto Index Fund (BITW) right into a spot exchange-traded fund (ETF) nearly instantly after approving it.
Two days in the past, the U.S. Securities and Trade Fee (SEC) gave an “accelerated” approval of Bitwise’s proposal to transform BITW to a spot ETF.
“Pursuant to Part 19(b)(1) of the Securities Trade Act of 1934 (‘Trade Act’) and Rule 19b-4 thereunder, NYSE Arca, Inc. (‘NYSE Arca’ or ‘Trade’) filed with the Securities and Trade Fee (‘Fee’) a proposed rule change, as modified by Modification No. 1 (‘Proposal’), to amend NYSE Arca Rule 8.500-E (Belief Models) and to record and commerce shares (‘Shares’) of the Bitwise 10 Crypto Index ETF (‘Belief’) beneath amended NYSE Arca Rule 8.500-E (Belief Models). The Proposal was topic to note and remark.
This order approves the Proposal on an accelerated foundation.”
Then, in a separate letter dated on the identical day, the SEC knowledgeable Bitwise of its plan to pause, or “stay“, the accelerated approval.
“This letter is to inform you that, pursuant to Rule 431 of the Fee’s Guidelines of Apply, 17 CFR 201.431, the Fee will evaluation the delegated motion. In accordance with Rule 431(e), the July 22, 2025 order is stayed till the Fee orders in any other case.”
Specialists speculate that the SEC could be placing the ETF approval plans on pause whereas it goals to ascertain requirements throughout completely different crypto ETFs.
The present BITW fund is 90% centered on Bitcoin (BTC) and Ethereum (ETH), with the remaining 10% being unfold throughout eight large-cap digital belongings.
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Featured Picture: Shutterstock/Eduard Muzhevskyi
