The Securities and Exchange Commission extends its review period for a groundbreaking multi-cryptocurrency investment product, signaling continued careful consideration of digital asset offerings.
SEC Extends Review Timeline
The U.S. Securities and Exchange Commission has pushed its decision on the Bitwise 10 Crypto Index ETF to March 3, 2025. This proposed fund would track ten leading cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Bitcoin Cash, Polkadot, and Uniswap.
Application History and Process
Key developments in the application process:
- NYSE Arca filed the initial proposal: November 14, 2024
- Federal Register publication: December 3, 2024
- Original deadline: January 17, 2025
- Extended deadline: March 3, 2025
Market Expert Insights
Bloomberg ETF Analyst James Seyffart acknowledged the delay as anticipated, suggesting similar extensions for other pending applications. Notably, Grayscale’s GDLC fund faces a decision deadline of February 2, 2025.
Political Considerations
Crypto analyst Marty Party suggests political timing may influence approval timelines, particularly in relation to the upcoming presidential transition. The fund’s inclusion of major cryptocurrencies could significantly impact market dynamics upon approval.
Bitwise’s Multiple ETF Strategies
Alongside this application, Bitwise submitted another proposal in December for the “Bitcoin Standard Corporations ETF,” focusing on companies with substantial Bitcoin holdings. The company has managed the underlying fund since 2018.
Industry Implications
The SEC’s methodical approach highlights the delicate balance between fostering innovation and ensuring investor protection in the rapidly evolving cryptocurrency market.