The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Bitwise’s attempt to convert its top crypto index fund into an exchange-traded fund.
The Bitwise 10 Crypto Index Fund (BITW), which was originally launched back in November 2017, tracks the biggest cryptocurrencies by market capitalization.
The fund currently boasts $1.44 billion in assets under management (AUM).
Bitcoin (BTC) accounts for 77% of the fund based on the sheer size of its market cap. Ethereum (ETH) comes in a distant second place with nearly 12%.
The fund also offers exposure to more arcane altcoins such as XRP, Solana (SOL), and Cardano (ADA).
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The new SEC administration is yet to approve any spot ETFs tied to individual cryptocurrencies.
When it comes to XRP, for instance, the SEC has already hit the pause on various applications from such issuers as Franklin Templeton, Bitwise, Canary Capital, and 21Shares.
The SEC is in no rush to approve the litany of spot altcoin ETF applications that have been filed by various firms despite the crypto-friendliness of the agency’s new administration.
Multiple analysts believe that the SEC will eventually approve these applications in late 2025.
Polymarket bettors are extremely optimistic about the prospects of these products being greenlit by the regulator later this year.