The Securities and Exchange Commission of the United States has postponed its decision on Bitwise’s proposal to convert its cryptocurrency index fund into an exchange-traded fund.
The Bitwise 10 Crypto Index Fund, which is currently traded under the ticker “BITW,” includes BTC, ETH, XRP, SOL, ADA, AVAX, LINK, DOT, BCH, and UNI, weighted by market capitalization.
On November 14, NYSE Arca submitted a proposed rule change to the SEC to list and trade shares of the fund, which was published for public comment on December 3.
The initial decision was expected to be made on January 17, but the SEC has now extended the deadline to March 3, giving them more time to consider the proposed rule change and any issues raised.
According to Bloomberg ETF analyst James Seyffart, the SEC is anticipated to further delay the decision on Bitwise Invest’s request until late July. Seyffart also predicts that the SEC will postpone a similar request from Grayscale to convert its mixed-crypto fund into an ETF at the next deadline on February 2.
