SEC Approves Then Stays Bitwise Crypto ETF Conversion
Main Idea
The SEC approved and then paused the conversion of Bitwise’s crypto index fund into an ETF, while 21Shares filed for a spot ETF tracking Ondo (ONDO), a token focused on tokenized real-world assets.
Key Points
1. Bitwise’s 10 Crypto Index Fund (BITW) received accelerated approval from the SEC but was later stayed pending a full Commission review.
2. 21Shares filed for a spot ETF tracking Ondo (ONDO), which powers the Ondo Chain and focuses on institutional-grade tokenized real-world assets.
3. Ondo Finance acquired regulated broker-dealer Oasis Pro to strengthen its position in the RWA market.
4. The proposed 21Shares Ondo Trust will passively hold ONDO tokens, with Coinbase providing custody services.
5. Ondo’s market performance shows a current price of $1.11, down 48% from its all-time high of $2.14, with a market cap of $3.5 billion.
Description
The fund includes top assets like Bitcoin and Ethereum, and was granted accelerated approval before being stayed by the Commission for further review. Industry analysts compared the move to a similar delay experienced by Grayscale and speculate the pause may be tied to internal SEC politics or a broader effort to create new crypto ETF listing standards. Meanwhile, 21Shares filed for a spot ETF tracking the price of Ondo (ONDO), the native token of the Ondo Chain, which focuses on institutional-g...
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