‘Bizarre Situation’: SEC Halts Conversion for Another ETF Holding Bitcoin, Ethereum, and XRP
Main Idea
The SEC halted the approval of Bitwise’s 10 Crypto Index ETF and is reviewing Grayscale’s Digital Large Cap Fund conversion, while also approving an ETF holding Bitcoin, Ethereum, XRP, Solana, and Cardano.
Key Points
1. The SEC halted the approval of Bitwise’s 10 Crypto Index ETF shortly after initial approval, causing uncertainty among crypto ETF observers.
2. Grayscale’s Digital Large Cap Fund (GDLC) received SEC approval to convert into a spot ETF, holding Bitcoin, Ethereum, XRP, Solana, and Cardano.
3. The SEC’s Office of the Secretary announced a full Commission review of the Bitwise ETF approval under Rule 431, with no set timeline.
4. Grayscale warned that delays in ETF approvals could harm investors and raised the possibility of legal action.
5. Bloomberg ETF analyst James Seyffart noted that Bitcoin and Ethereum account for 90% of Grayscale’s GDLC assets.
Description
The SEC has stepped in to pause Bitwise’s approved crypto ETF just hours after staff gave it the green light.
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