Bitwise’s 10 Crypto ETF Approved but Stayed in Bizarre Move
Main Idea
The SEC approved Bitwise's cryptocurrency index fund conversion but later reversed its decision, sparking criticism from analysts.
Key Points
1. The SEC granted accelerated approval for Bitwise's proposal to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot ETF.
2. The SEC also blocked the launch of Grayscale's mixed crypto ETF after initial approval, leading to criticism from analysts.
3. BITW was set to trade on NYSE Arca and includes top cryptocurrencies like Bitcoin, Ethereum, and others, but shares remain halted due to the SEC's review.
4. Analysts Nate Geraci and James Seyffart criticized the SEC's reversals, suggesting possible delays in finalizing listing standards.
5. Bitwise manages $5.79 billion in assets across its crypto ETFs, with its spot Bitcoin ETF being the largest product.
Description
The U.S. Securities and Exchange Commission (SEC) has approved the conversion of Bitwise’s cryptocurrency index fund. However, the agency later issued a stay order halting the launch pending further internal review. Regulator Issues Second Reversal This Month A July 22 filing shows that the SEC had granted an “accelerated approval” for Bitwise’s proposal to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF). In what Bloomberg ETF analyst Nate Geraci referred t...
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