SEC pushes back decision on Bitwise 10 Crypto Index ETF covering BTC, ETH, XRP, ADA

Key Takeaways

The SEC has extended the review period for the Bitwise ETF proposal to July 31, 2025.
The proposal seeks to list and trade shares of the Bitwise 10 Crypto Index Fund on NYSE Arca.

The US SEC announced today it will take an additional 60 days to determine whether to approve a proposed rule change from NYSE Arca to list the Bitwise 10 Crypto Index Fund, which features major crypto assets like Bitcoin, Ethereum, XRP, Solana, and Cardano.

The decision, originally expected by June 1, has now been postponed to July 31. NYSE Arca first filed the proposed rule change in November 2024, and it was published for public comment in the Federal Register last December.

The SEC first delayed the decision on the ETF application on January 14, followed by the initiation of proceedings on March 3 to determine whether to approve or disapprove the proposal.

Launched in November 2017, the Bitwise 10 Crypto Index Fund (BITW) provides investors with diversified exposure to the 10 largest and most highly valued crypto assets.

It seeks to track the Bitwise 10 Large Cap Crypto Index, which selects these top 10 crypto assets based on criteria such as market capitalization, trade volume minimums, concentration limits, and regulatory compliance.

As of May 27, 2025, the fund, valued at $1.4 billion, held ten major crypto assets, led by Bitcoin at nearly 78%, followed by Ethereum and XRP. Other crypto assets include Solana, Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot.

On Wednesday, the SEC also delayed its decisions on two other crypto ETF proposals, including Grayscale’s spot Cardano ETF and spot Avalanche ETF. Both filings are part of Grayscale’s effort to expand its product line beyond Bitcoin and Ethereum.

The agency’s move to push back decisions on crypto ETF filings is not surprising. This pattern of delays is consistent with the SEC’s standard review process for innovative financial products like crypto ETFs.

Analysts expect that approvals could occur within the year, even if decisions are delayed until mid- or late 2025.

Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It’s expected as this is standard procedure & Atkins hasn’t even been confirmed yet. This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines…

— James Seyffart (@JSeyff) March 11, 2025