The SEC has extended the review time for Bitwise’s proposed bitcoin index ETF. This is yet another delay in the approval process for the Bitwise 10 Crypto Index Fund, which promises to provide investors with a diverse portfolio of popular cryptocurrencies such as Bitcoin, Ethereum, Solana, and Cardano.
According to a regulatory filing, the SEC needs more time to review the fund’s listing application on the New York Stock Exchange’s Arca platform. Initially filed in December, the proposal would allow the Bitwise 10 Crypto Index Fund to become the first diversified spot crypto ETF in the United States, offering exposure to digital assets beyond Bitcoin and Ethereum.
The SEC has set a new deadline of March 3, 2025, for its judgment. The agency noted in the application that this extension is required to thoroughly review the proposed rule change and address any potential issues.
The delay was not unexpected, as industry analysts predicted a longer wait for regulatory approval. The SEC has previously allowed only ETFs connected to Bitcoin and Ethereum, but index-based ETFs offer a new area of concentration for the crypto sector.
Bitwise’s initiative is part of a growing trend among asset managers that want to develop cryptocurrency index ETFs. These funds provide investors with efficient exposure to a wide range of digital assets, similar to how standard index funds provide access to stock market benchmarks.
Meanwhile, other asset managers, including Grayscale and Hashdex, are seeking similar ETF permits. Bitwise is developing additional ETF concepts, one of which targets investments in companies with substantial Bitcoin reserves. We will closely monitor the SEC’s decision, as it could represent the next phase in the growth of bitcoin investment options in the US.
