In a surprise twist, the U.S. Securities and Exchange Commission (SEC) approved Bitwise’s plan to convert its crypto index fund into an ETF, and then quickly put it on hold.
According to a filing on Tuesday, the SEC’s Division of Trading and Markets granted “accelerated approval” to the Bitwise 10 Crypto Index ETF. But just hours later, SEC Assistant Secretary Sherry R. Haywood issued a stay, saying the full Commission will review the decision.
“This letter is to notify you that… the July 22, 2025 order is stayed until the Commission orders otherwise,” Haywood stated, citing Rule 431 of the SEC’s Rules of Practice.
Bitwise’s fund, trading under the ticker BITW, includes top cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Polkadot, weighted by market cap.
This last-minute pause echoes a similar move the SEC made earlier this month with Grayscale’s Digital Large Cap Fund. While it initially approved Grayscale’s ETF conversion, it reversed course the next day.
Experts like Van Buren Capital’s Scott Johnsson and Bloomberg’s James Seyffart believe the SEC could be stalling until it finalizes a new crypto ETF framework. Such a framework could speed up listings and replace the lengthy 240-day review process currently required.
The delay comes as the SEC weighs a growing number of ETF proposals tracking assets from Solana to Dogecoin amid a more crypto-friendly climate under the Trump administration. For now, Bitwise and investors await the SEC’s next move.
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