The SEC is delaying its decision on whether to approve Bitwise Asset Management’s application to convert its crypto index fund into an exchange-traded fund (ETF). The new deadline is March 3, 2025.
Delay Expected, but Still Significant
Bloomberg analyst James Seyffart reported the delay on X (formerly Twitter), noting that while it wasn’t entirely unexpected, the pushback to March is significant. The original deadline was much sooner. He also pointed out that Grayscale’s similar application for its Digital Large Cap fund is also expected to be delayed, from its February 2nd deadline.
SEC Needs More Time
The SEC’s official statement cites a need for more time to thoroughly review Bitwise’s proposal and the related issues. This is a common occurrence in the regulatory process for complex financial products.
Current ETF Landscape
Currently, the SEC has only approved ETFs linked to Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization. Bitwise’s application, and others like Grayscale’s, seek to broaden the scope of available crypto ETFs.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies or other high-risk assets.
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