SEC Approves Then Stays Bitwise Crypto ETF Conversion
The post SEC Approves Then Stays Bitwise Crypto ETF Conversion appeared on BitcoinEthereumNews.com. 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-grade tokenized real-world assets. This filing was made after Ondo Finance’s acquisition of regulated broker-dealer Oasis Pro to strengthen its position in the booming RWA market. Bitwise Crypto ETF in Limbo The US Securities and Exchange Commission (SEC) approved, and then promptly paused, the conversion of Bitwise’s crypto index fund into an exchange-traded fund (ETF). Bitwise’s 10 Crypto Index Fund (traded under BITW) includes exposure to leading cryptocurrencies like Bitcoin and Ethereum. It received an “accelerated approval” from the SEC’s Division of Trading and Markets. This designation would have allowed Bitwise to request earlier activation of its ETF status. However, in an unusual twist, the same day saw the SEC issue a stay on that approval, pending a full Commission review. (Source: SEC) The move immediately sparked comparisons to a similar delay involving Grayscale’s Digital Large Cap ETF, which was also approved and then paused shortly thereafter. Bloomberg ETF analyst James Seyffart explained that the approval was stayed by one or more SEC commissioners, which now prevents Bitwise from proceeding with the conversion for the time being. He pointed out that the timing was earlier than expected, as the decision wasn’t due until the following week. Naturally, the pause drew a lot of reactions from people in the industry. Nate Geraci, president of NovaDius Wealth Management, called the situation “bizarre,”…
The post SEC Approves Then Stays Bitwise Crypto ETF Conversion appeared on BitcoinEthereumNews.com.
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-grade tokenized real-world assets. This filing was made after Ondo Finance’s acquisition of regulated broker-dealer Oasis Pro to strengthen its position in the booming RWA market. Bitwise Crypto ETF in Limbo The US Securities and Exchange Commission (SEC) approved, and then promptly paused, the conversion of Bitwise’s crypto index fund into an exchange-traded fund (ETF). Bitwise’s 10 Crypto Index Fund (traded under BITW) includes exposure to leading cryptocurrencies like Bitcoin and Ethereum. It received an “accelerated approval” from the SEC’s Division of Trading and Markets. This designation would have allowed Bitwise to request earlier activation of its ETF status. However, in an unusual twist, the same day saw the SEC issue a stay on that approval, pending a full Commission review. (Source: SEC) The move immediately sparked comparisons to a similar delay involving Grayscale’s Digital Large Cap ETF, which was also approved and then paused shortly thereafter. Bloomberg ETF analyst James Seyffart explained that the approval was stayed by one or more SEC commissioners, which now prevents Bitwise from proceeding with the conversion for the time being. He pointed out that the timing was earlier than expected, as the decision wasn’t due until the following week. Naturally, the pause drew a lot of reactions from people in the industry. Nate Geraci, president of NovaDius Wealth Management, called the situation “bizarre,”…
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