The U.S. Securities and Exchange Commission (SEC) accepted the application to convert the Bitwise 10 Crypto Index Fund into an ETF. However, similar to the previous Grayscale fund, the approval has been temporarily suspended.
What is the Bitwise 10 Crypto Index Fund?
The Bitwise 10 Crypto Index Fund is an index fund that includes 10 cryptocurrencies: Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), Cardano (ADA), Sui (SUI), Chainlink (LINK), Litecoin (LTC), Polkadot (DOT), and Avalanche (AVAX).
What does this mean for the cryptocurrency market?
The SEC's approval for this ETF marks the second cryptocurrency-based hybrid ETF approval following Grayscale's. However, the reinstatement of regulatory scrutiny creates uncertainty for investors and market participants.
SEC Approval Process and Delay
The SEC initially approved the fund listing through a delegated approval process. However, following the review, the decision to create the ETF was postponed. According to SEC rules, the commission will proceed with this review and communicate any new decisions.
Thus, it is a waiting game for investors as the SEC reviews its decision regarding the conversion of the Bitwise 10 Crypto Index Fund into an ETF. The future of this fund and its impact on the cryptocurrency market remains in question.
