SEC’s Whiplash Decision: Approves Bitwise ETF, Then Freezes It
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The SEC delivered a rollercoaster ruling Tuesday, approving—then abruptly pausing—Bitwise’s bid to convert its crypto index fund into an ETF, leaving investors in suspense.
Initially, the SEC’s Trading and Markets division granted accelerated approval for the Bitwise 10 Crypto Index Fund’s ETF conversion. But in a sudden reversal, assistant secretary Sherry Haywood announced a stay, halting the process until further review.
The BITW fund, which offers exposure to Bitcoin and Ether, has been seeking ETF status since November. Bloomberg ETF analyst James Seyffart speculated on X that the pause suggests internal SEC dissent, with at least one commissioner blocking immediate approval.
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