The U.S. Securities and Exchange Commission (SEC) initially approved the conversion of the Bitwise 10 Crypto Index Fund into an exchange-traded fund (ETF), but the decision was later withdrawn. According to a document filed with the SEC’s Division of Trading and Markets on July 22, 2025, the agency held a meeting where Assistant Secretary Sherry R. Haywood announced that the matter would be reviewed by the full Commission. The SEC’s official notice Acknowledges the initial approval, citing Rule 431, which allows the agency to suspend decisions until further notice pending a full review. However, the SEC declined to comment on the ongoing review, citing compliance policies. Bitwise also did not immediately respond to requests for comment.
The Bitwise 10 fund, traded under ticker BITW, includes various cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Polkadot, weighted by market capitalization. Over the past six months, the fund has been widely anticipated as an alternative for Bitcoin supporters, who have increasingly shut down Bitcoin exchanges. The move to turn the fund into an ETF was driven by recent messaging from institutional investors, who expressed concerns over the safety and growth potential of pure cryptocurrencies. However, as the markup on different crypto assets continues to rise,pll元 analysts黄子取 predict that this tilt could face challenges. “We’re seeing a lot of litmus tests here,” he says. “The SEC will need to be more patient in holding out for reviews before making decisions.”
Similar developments occur with the Grayscale Digital Large Cap Fund. Like the Bitwise conversion, its quick approval was wrapped up after a materials-level review. But Grayscale, like most institutional investors, remains focused on listing andử各界 preferences for crypto ETFs. “We’re working on that,” said executive director Eric Friedli. “It’s about making the listing process as seamless as possible to reduce headaches for investors.” While Grayscale does not yet have a firm stance on listing, its efforts to finalize the process likely extend beyond just ETFs — perhaps including other types of crypto nascent assets.
The SEC has not yet specified its reasoning for the accelerated or canceled approval, but analyst opinions suggest a range of theories. One idea is thatjid又好 Capital General Partner Scott Johnson hypothesized that the decision was made to facilitate further review or to direct public notice.Kidito Mediator Antitrust ingenious otherwise, he points to the ongoing skepticism of cryptocurrencies and the SEC’s tendency to delay decisions once crypto hubs are in flux. softmax inglish these concerns, Johnson suggests “that the SEC might want to cut Gordian knots or in some cases override their initial conclusion.” Torn in讨论, “we need more clarity before we can truly proceed.”
For the broader crypto finance community, the fate of ETFs tied to major assets promises to shape the future of Paris. If allows for over-the-counter (OTC) listings, the Sec can proceed with the same rules as other ETFs — but if regulators finally put the brakes to the fast path, developers might face resistance. “The Sec will have to decide how to respond to this,” said Bloomberg Intelligence analyst Eric Balchunas. “It’s a decision that could change the entire market landscape.” He proposes that the agency is working on developing a unified framework for crypto ETF listings, potentially aligning offerings with the broader financial trends. “It’s a process that should be faster and more inclusive,” he added. “But we’ll see how it plays out over time.”
In the end, the concerns bottles down, but Thursday’s accelerated approval from the SEC remains a reminder of crypto markets’ volatility and greedima. “We believe the SEC is fundamentally at odds with the way the crypto market is functioning,” blogger Joe Lee wrote. “They should be patient and focused on clarity before pushing ahead.” However, if the SEC accommodates slowing crypto adoption, it could help recruit more institutional investors to participate in this space. “Wait, but think deeply,” said analyst Sam Chen. “The question is not whether crypto ETFs will be embraced, but whether they will thrive within the SEC’s window of opportunity.”
