The Securities and Exchange Commission approved – then suddenly a break – the Bitwise plan to convert its Crypto Bitwise 10 (BitW) index fund to Stock Exchange (ETF) on Tuesday, increasing a new uncertainty around agency standards for cryptographic ETFs.
The fund holds 90% of its weight in Bitcoin (BTC) and Ether (ETH), the rest distributed through Solana (Sol), XRP, Cardano (ADA), Avalanche (Avax), ChainLink (Link), Bitcoin Cash (BCH), Uniswap (UNI) and Polkadot (DOT). It manages $ 1.68 billion in assets and rebalancing monthly.
Bitwise launched the fund in 2017. The 2.5% expenditure ratio remains steep compared to ETF standards, but the conversion to an ETF Spot would make Bitw the first ETF of the multi-active crypto index in the United States-if it takes place. The asset manager has not yet revealed whether management fees remain 2.5%.
A similar product, the Grand Cap (GDLC) digital fund of Graycale, which follows BTC, ETH, XRP, Sol and ADA, also received the initial approval of the SEC before the agency’s reversal, on break the launch of the fund.
A letter from the SEC indicated Tuesday “the commission will examine the delegated action”, a wording identical to the letter received in gray levels received when its ETF was interrupted.
According to sources that spoke to Coindesk at the time, the hesitation of the SEC probably stems from the need to establish coherent standards for ETF Crypto, especially for tokens like XRP and ADA which do not yet have an autonomous FNB.
The ETF file of the SEC was occupied. On Tuesday, the regulator published documents from Franklin Templeton, Fidelity, Invesco Galaxy and others seeking to modify the buyout mechanisms for their Bitcoin and / or Ethereum ETF. He also launched an examination of the Sun Etf Canary Capital and extended the deadline on the Such application of 21Shares.
In addition, 21Shares submitted an ETF Ondo follow-up proposal, the active active platform that feeds the real world in finance.
