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The SEC has extended its review period for Bitwise's application to list the Bitwise 10 Crypto Index ETF on NYSE Arca, with a new decision deadline set for March 3, 2025. The fund, which tracks the top ten crypto assets including Bitcoin and Ethereum, currently trades on the OTCQX Best Market. Bitwise's CEO emphasizes the potential benefits of the ETF format, while the SEC remains cautious, focusing on issues like market manipulation and investor protections.
Grayscale Investments has restructured its Digital Large Cap Fund, allocating 90% to Bitcoin and Ethereum while replacing Avalanche with Cardano, which has seen a 75% price increase over the past year. Additionally, the GSCPxE Fund now includes Sui, and Grayscale is seeking to convert its Solana Trust into a spot ETF on NYSE Arca to enhance investor access. The firm continues to explore ETF conversions for its funds amid a potentially favorable regulatory environment.
The SEC has approved the first hybrid Bitcoin-Ethereum ETFs, allowing Nasdaq and Cboe BZX to list the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF, respectively. Each fund will hold approximately 80% Bitcoin and 20% Ethereum based on market capitalizations. Grayscale has also filed to convert its Solana Trust into an ETF, aiming to enhance investor access.
The crypto market faces challenges due to the overwhelming number of altcoins, complicating long-term value assessment and inflation rates. With Bitcoin's recent surge nearing $100,000, it is expected to lead a new altcoin bull run, especially as regulatory landscapes improve and liquidity increases. The relationship between Bitcoin and altcoins remains crucial, as Bitcoin serves as a benchmark and safe haven during market volatility.
The SEC is seeking industry feedback on NYSE Arca's request to list the Bitwise Bitcoin and Ethereum ETF, which aims to provide balanced exposure to the two largest cryptocurrencies. This move comes amid increasing competition in cryptocurrency index funds, with other proposals from Grayscale and asset managers like Hashdex and Franklin Templeton. As regulatory dynamics shift with the upcoming leadership change, the approval of such ETFs could enhance accessibility for both retail and institutional investors in the crypto market.
The SEC is advancing NYSE Arca's request to list a Bitwise Bitcoin and Ethereum ETF, which aims to provide balanced exposure to the two largest cryptocurrencies. This move comes amid increasing competition in the crypto index ETF space, with several asset managers filing similar proposals. As the regulatory landscape shifts with the upcoming presidential term, issuers are eager to launch a variety of crypto funds.
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SEC extends review period for Bitwise 10 Crypto Index ETF application
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