{"id":20358,"date":"2025-01-15T17:57:26","date_gmt":"2025-01-15T15:57:26","guid":{"rendered":"https:\/\/forklog.com\/en\/sec-delays-decision-on-bitwise-crypto-funds-conversion-to-an-etf\/"},"modified":"2025-01-15T17:57:26","modified_gmt":"2025-01-15T15:57:26","slug":"sec-delays-decision-on-bitwise-crypto-funds-conversion-to-an-etf","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-delays-decision-on-bitwise-crypto-funds-conversion-to-an-etf\/","title":{"rendered":"SEC delays decision on Bitwise crypto fund\u2019s conversion to an ETF"},"content":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has <a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nysearca\/2025\/34-102186.pdf\">extended<\/a> by 45 days the deadline for deciding on the application to convert Bitwise\u2019s index fund into an ETF.<\/p>\n<p>According to the company\u2019s <a href=\"https:\/\/bitwiseinvestments.com\/crypto-funds\/bitw\">website<\/a>, the Bitwise 10 Crypto Index Fund (BITW) tracks the ten \u201cmost valuable vetted cryptocurrencies,\u201d weighted by market capitalisation. The basket is rebalanced monthly.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"491\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/296d8437d9-1024x491.jpg\" alt=\"296d8437d9\" class=\"wp-image-249632\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/296d8437d9-1024x491.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/296d8437d9-300x144.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/296d8437d9-768x368.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/296d8437d9.jpg 1171w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>In November, NYSE Arca filed for a rule change to list the issuer\u2019s product. The SEC was due to issue an initial decision by 17 January. The commission said it needed more time to study the proposal, pushing the review period to 3 March.<\/p>\n<p>Bloomberg ETF analyst James Seyffart said the response was expected.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Update: As expected the SEC has punted\/delayed the decision on <a href=\"https:\/\/twitter.com\/BitwiseInvest?ref_src=twsrc%5Etfw\">@BitwiseInvest<\/a>&#8216;s filing to convert the Bitwise 10 Crypto Index Fund (BITW) into an ETF. Final deadline is in late July <a href=\"https:\/\/t.co\/wRzaROBNqy\">pic.twitter.com\/wRzaROBNqy<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1879284753083625788?ref_src=twsrc%5Etfw\">January 14, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe final deadline is late July,\u201d the analyst noted.<\/p>\n<\/blockquote>\n<p>He expects the SEC will also delay on 2 February its decision on Grayscale\u2019s request to convert its multi-asset crypto fund into an ETF.<\/p>\n<p>Bitwise is the issuer of a spot <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">bitcoin<\/a> ETF and a similar Ethereum product. After an outflow recorded on 13 January, assets in the firm\u2019s BTC ETF fell to $3.75bn. By comparison, the 10 Crypto Index Fund stands at $1.4bn.<\/p>\n<p>In November, Bitwise <a href=\"https:\/\/u1f987.com\/en\/news\/bitwise-to-launch-bitcoin-and-ethereum-based-etf\">filed<\/a> to launch a combined ETF based on the two largest cryptocurrencies by market value. A month earlier the company <a href=\"https:\/\/u1f987.com\/en\/news\/bitwise-files-for-spot-xrp-etf-registration\">sought approval<\/a> for a spot XRP fund.<\/p>\n<p>JPMorgan analysts have suggested that, if approved, such exchange-traded instruments based on Ripple\u2019s token could attract up to $8bn within six months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has extended by 45 days the deadline for deciding on the application to convert Bitwise\u2019s index fund into an ETF. According to the company\u2019s website, the Bitwise 10 Crypto Index Fund (BITW) tracks the ten \u201cmost valuable vetted cryptocurrencies,\u201d weighted by market capitalisation. The basket is rebalanced monthly. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[949,569],"class_list":["post-20358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitwise","tag-etf"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/20358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=20358"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/20358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/20357"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=20358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=20358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=20358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}