- The SEC has postponed its decision on the Bitwise 10 Crypto Index ETF, which includes major assets like Bitcoin, Ethereum, and Cardano, pushing the review deadline to July 31, 2025.
- This delay reflects the agency’s cautious approach to crypto ETFs, despite growing investor demand and the fund’s $1.4 billion in diversified digital asset holdings.
The U.S. Securities and Exchange Commission (SEC) has extended its review of the Bitwise 10 Crypto Index Fund ETF proposal, delaying its decision to July 31, 2025. Initially expected by June 1, the delay marks the latest in a series of extensions for crypto-related exchange-traded fund applications amid increasing institutional interest in digital assets.
Submitted by NYSE Arca, the proposal seeks approval to list and trade shares of the Bitwise 10 Crypto Index Fund on its exchange. The fund, which launched in 2017, offers diversified exposure to the top 10 cryptocurrencies by market capitalization, including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
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The SEC’s decision comes after multiple prior deferrals. The application was first filed in November 2024 and opened to public comment the following month. The agency initially postponed its ruling in January 2025, and later initiated proceedings in March to assess whether to approve or deny the proposal.
As of May 27, 2025, the Bitwise 10 Crypto Index Fund held assets worth $1.4 billion, with Bitcoin accounting for nearly 78% of the portfolio. Other holdings include Ethereum, XRP, Sui, Chainlink, Avalanche, Litecoin, and Polkadot, all of which meet selection criteria based on market capitalization, liquidity, and regulatory compliance.
On the same day, the SEC also delayed decisions on Grayscale’s proposed spot ETFs for Cardano and Avalanche, signaling its ongoing cautious approach toward broader crypto ETF approvals.
Industry analysts view the delays as expected, aligning with the SEC’s historically measured stance on crypto-linked financial products. However, many remain optimistic that approvals could materialize before the end of 2025, especially as regulatory clarity and investor appetite for crypto exposure grow.
The Bitwise proposal represents a broader shift toward crypto index funds that offer diversified exposure rather than focusing solely on Bitcoin or Ethereum. If approved, it could mark a significant milestone in legitimizing crypto as a mainstream asset class on Wall Street.
As regulatory timelines stretch, stakeholders across the digital asset sector continue to press for greater transparency and efficiency in the ETF approval process.
