Bitwise says it’s “actively evaluating” the U.S. Securities and Exchange Commission’s recent move to pause the conversion of its cryptocurrency index fund after initially approving it to list and trade.
In a statement, a Bitwise spokesperson said the crypto index fund manager was “thrilled by the SEC’s accelerated approval,” and noted they’re assessing the pause.
“The subsequent stay is a new development that we’re actively evaluating,” the spokesperson said in an email on Wednesday. “We’ve been encouraged by the constructive engagement with the SEC under the new administration and remain committed to working productively to expand access to crypto — just as we’ve done over the last seven years.”
On Tuesday, the SEC’s Division of Trading and Markets granted an “accelerated approval” of the Bitwise 10 Crypto Index ETF, according to a filing. However, SEC Assistant Secretary Sherry R. Haywood later stayed the action and said the commission would review it.
The Bitwise 10 Crypto Index Fund, which trades under the ticker “BITW,” currently consists of exposure to BTC, ETH, XRP, SOL, Polkadot, among others, on a market cap-weighted basis, according to its website.
This marks the second instance the SEC has hit pause on an initial approval to convert a fund to an ETF. A similar scenario occurred with Grayscale’s proposed conversion of its Digital Large Cap Fund, which was initially approved and later put under review. Grayscale has said it “remains committed” to continue trying to list the fund.
This comes amid a broader shift as the SEC is also considering a wide array of crypto ETFs, from ones that track SOL to DOGE in the face of a friendlier regulatory environment for crypto following President Donald Trump’s inauguration in January.
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