BITW

The #SEC has released multiple crypto #ETFs updates this week, signaling shifting regulatory priorities.

SEC Approves, Immediately Pauses Bitwise's Bid to Convert #BITW Crypto Index Fund to ETF...

WHAT TO KNOW :-

✔️The SEC approved Bitwise’s plan to convert its crypto index fund BITW into an ETF, but immediately put the decision on hold.

✔️BITW holds more than 90% of its assets in bitcoin and ether, with the remaining allocation spread across eight other major altcoins.

✔️The pause follows a similar action on Grayscale’s multi-asset crypto fund and comes amid several new ETF filings and reviews this week.

The Securities and Exchange Commission approved — then abruptly paused — Bitwise’s plan to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF) on Tuesday, raising fresh uncertainty around the agency’s standards for crypto ETFs.

💎𝐓𝐡𝐞 𝐒𝐄𝐂 𝐡𝐚𝐬 𝐝𝐞𝐥𝐚𝐲𝐞𝐝 𝐢𝐭𝐬 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐨𝐧 𝐁𝐢𝐭𝐰𝐢𝐬𝐞’𝐬 𝐩𝐫𝐨𝐩𝐨𝐬𝐚𝐥 𝐭𝐨 𝐜𝐨𝐧𝐯𝐞𝐫𝐭 𝐢𝐭𝐬 𝟏𝟎 𝐂𝐫𝐲𝐩𝐭𝐨 𝐈𝐧𝐝𝐞𝐱 𝐅𝐮𝐧𝐝 (#BITW ) into an #ETF ,pushing the final deadline to March 3, 2025. This move reflects the SEC's cautious approach to crypto-related investment products, as it seeks to thoroughly evaluate concerns around market manipulation, liquidity, and investor protection before approving such a product. The delay comes after Bitwise's filing to convert the $1.4 billion fund, which offers exposure to top crypto assets like Bitcoin, Ethereum, and Solana, was initially submitted in November 2024. Traders should keep an eye on the upcoming developments, as this delay could impact the fund’s performance, particularly amidst broader trends in the crypto ETF market, including recent outflows from US-based Bitcoin ETFs. Investors looking to enter or exit BITW should consider the potential for continued volatility as the SEC review progresses.

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