Bitwise ETF: SEC Approves, Then Halts Moments After
Bitwise managed to enter the building, only to be pushed down the corridor and told to leave. On Tuesday, the SEC’s trading division sanctioned a pioneering multi-crypto ETF before higher-ups at the agency temporarily halted it.
The halt was enacted through Rule 431, a procedural mechanism employed when internal agreement is divided. Is this a conscious deceleration of cryptoization in the United States?
“The SEC Division of Trading & Markets has given its approval to the Bitwise 10 Crypto Index ETF… Nonetheless, similar to the Grayscale Digital Large Cap ETF, this approval order is paused.” — Nate Geraci, President of Novadius Wealth Management
What Constitutes the Bitwise 10 ETF?
The Bitwise 10 ETF intends to track a selection of leading digital currencies, prioritized by circulating crypto market cap. As of June 30, 2025, here’s a snapshot of the ETF:
BTC ▲0.41% led the index at 78.72%.- Next was Ethereum ▼-0.73% at 11.10%.
- XRP (4.97%) and Solana (3.03%) completed the next tier.
- Smaller portions were designated to ADA, SUI, LINK, AVAX, LTC, and DOT.
— BULLRUNNERS (@BullrunnersHQ) July 23, 2025
A minimum of 85% of the ETF’s assets will remain within SEC-sanctioned crypto ETFs, while the balance will be allocated to emerging tokens still pending approvals.
Coinbase Custody will manage the coins, while Bank of New York Mellon will oversee the fiat.
A Fresh Trend of “Approval-with-Reservations”?
The SEC’s recent delay has rekindled criticism that the agency is stalling, even though the crypto sector is developing the infrastructure that regulators previously required.
“In my opinion, both of these should be permitted to convert/uplist immediately. Quite an odd scenario.” — Nate Geraci, Novadius Wealth
Even with the suspension, the Bitwise 10 ETF fulfills every key institutional requirement: secure custody, real-time pricing, and a compliance-ready framework. This makes the delay difficult to rationalize, particularly as the interest in regulated crypto investment surges. The product isn’t finished, but currently trapped in a bureaucratic standoff.
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Key Takeaways
- On Tuesday, the SEC’s trading division sanctioned a pioneering multi-crypto ETF before the agency’s higher-ups temporarily halted it.
- Despite the pause, the Bitwise 10 ETF fulfills every key institutional requirement: secure custody, real-time pricing, and a compliance-ready framework.
The post Bitwise ETF: SEC Gives Greenlight, Hits Pause Button Hours Later appeared first on 99Bitcoins.
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