SEC delays decision on Bitwise Crypto Index ETF listing

The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the listing of the Bitwise 10 Crypto Index Fund as an exchange-traded fund (ETF) on the New York Stock Exchange.

According to a regulatory filing dated January 14, the SEC requires additional time to evaluate the proposal, which was initially set for a decision on January 17.

The new deadline extends the review period by 45 days, pushing the final ruling to March 3.

If approved, this ETF would represent the first diversified spot crypto ETF in the U.S. market, allowing investors to gain exposure to a variety of cryptocurrencies including Bitcoin (CRYPTO:BTC), Ether (CRYPTO:ETH), Solana (CRYPTO:SOL), XRP (CRYPTO:XRP), and Cardano (CRYPTO:ADA).

The Bitwise 10 Crypto Index Fund aims to provide a comprehensive portfolio that includes alternative cryptocurrencies or “altcoins,” which would be a significant addition to existing ETF offerings.

Industry analysts note that crypto index ETFs are becoming a focal point for issuers following the recent approvals of Bitcoin and Ethereum ETFs.

“The next logical step is index ETFs because indexes are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” stated Katalin Tischhauser, head of investment research at Sygnum.

In addition to the Bitwise 10 Crypto Index Fund, other crypto index ETFs are also in development. Notably, Bitwise has proposed a Bitcoin and Ethereum ETF aimed at providing balanced exposure to these leading digital assets.

The SEC's delay comes amid broader scrutiny of cryptocurrency products and their regulatory implications.