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The Securities and Exchange Commission approved — past abruptly paused — Bitwise’s program to person its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded money (ETF) connected Tuesday, raising caller uncertainty astir the agency’s standards for crypto ETFs.
The money holds 90% of its value successful bitcoin (BTC) and ether (ETH), with the remainder dispersed crossed Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Uniswap (UNI) and Polkadot (DOT). It manages $1.68 cardinal successful assets and rebalances monthly.
Bitwise launched the money successful 2017. The 2.5% disbursal ratio remains steep by ETF standards, but the conversion to a spot ETF would marque BITW the archetypal multi-asset crypto scale ETF successful the U.S. — if it proceeds. The plus manager has not yet disclosed if the absorption interest would enactment astatine 2.5%.
A akin product, Grayscale’s Digital Large Cap Fund (GDLC), which tracks BTC, ETH, XRP, SOL and ADA, besides received archetypal SEC support earlier the bureau reversed course, pausing the fund's launch.
A missive from the SEC connected Tuesday said "the Commission volition reappraisal the delegated action," identical wording to the missive Grayscale received erstwhile its ETF was paused.
According to sources who spoke to CoinDesk astatine the time, the SEC’s hesitation apt stems from the request to found accordant standards for crypto ETFs, peculiarly for tokens similar XRP and ADA that bash not yet person standalone ETFs.
The SEC’s ETF docket has been busy. On Tuesday, the regulator published filings from Franklin Templeton, Fidelity, Invesco Galaxy, and others seeking to amend redemption mechanics for their Bitcoin and/or Ethereum ETFs. It besides launched a reappraisal of the Canary Capital SUI ETF and extended the deadline connected 21Shares’ SUI ETF application.
Separately, 21Shares filed a connection for an ETF tracking ONDO, the token powering real-world plus level Ondo Finance.
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