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Review Period Extended
The U.S. Securities and Exchange Commission has given more time to review the application for the Bitwise 10 Crypto Index ETF; they extended it until March 3, 2025. With this additional time, the SEC has the leeway to scrutinize the Bitwise 10 Crypto Index Fund proposal that will be listed by NYSE Arca as an exchange-traded product.
Reasons for the Delay
The SEC says they fear market manipulation, liquidity, and the protection of investors. They wanted to make sure that they fully understand the kind of impact that such approval would have on them. The application was filed way back on November 15, 2024, by NYSE Arca, and it was published for public comment on December 2, 2024. No comments, however, have been received on the proposed changes.
Fund Overview
The Bitwise 10 Crypto Index Fund is also listed on the OTCQX Best Market and has a valuation of about $1.4 billion. It will track the ten largest cryptocurrencies based on market capitalization, which includes Bitcoin, Ethereum, XRP, and Solana.
This very cautious approach taken by the SEC shows that the agency is keeping a close watch on cryptocurrency investment products. Approving this ETF is a big move toward regulation in the cryptocurrency arena. More crypto investments are coming in contact with regular and institutional investors. What prompts such a move, Bitwise CEO Hunter Horsley says, is the conversion of the fund into an ETF because such a step further increases investor protection and efficiency, too. Analysts and market observers will be keen on following up as it would shape future decisions about other crypto ETFs. Overall, though the delay was expected due to the history made by the SEC about crypto products, the approval of the Bitwise ETF is important for investors looking for an organized way of investing in digital assets.
