According to breaking news, the US Securities and Exchange Commission (SEC) has approved the conversion of the Bitwise 10 Crypto Index Fund into an ETF.
The fund includes BTC, ETH, XRP, SOL, ADA, SUI, LINK, AVAX, LTC, and DOT.
The SEC approved the conversion of Bitwise's cryptocurrency index fund into an exchange-traded fund (ETF) but suspended the decision shortly thereafter.
The SEC’s Division of Transactions and Markets granted “expedited approval” for the Bitwise 10 Crypto Index ETF, according to a filing Tuesday. However, SEC Associate Secretary Sherry R. Haywood halted that decision, stating that the Commission will re-examine the process.
Haywood said in a statement, “By this letter, we inform you that the Commission will review the transferred transaction in accordance with Article 431 of the Commission's Rules of Practice. The decision dated 22 July 2025 is suspended until the Commission takes another decision.”
The Bitwise 10 Crypto Index Fund (BITW) offers exposure to crypto assets like BTC, ETH, XRP, Solana and Polkadot, weighted by market capitalization, according to the company's website.
The SEC's stay of Bitwise's decision is similar to the approach Grayscale took earlier this month when it converted its Digital Large Cap Fund LLC into an ETF. The fund, traded over-the-counter for accredited investors, is comprised of approximately 80% Bitcoin and 11% Ethereum. It also holds small amounts of assets like Solana, Cardano, and XRP.
*This is not investment advice.