SEC maintains the launch of BITWISE CRYPTO ETF despite approval

The Securities and Exchange Commission Bitwise 10 Crypto Index Fund Despite approving the fund on Tuesday, it will prevent the conversion to trade funds and crypto products from being launched until further notice.

The stay will create uncertainty when the second diversified Crypto ETF reaches the US market, with delayed mirroring actions the SEC took earlier this month to the Grayscale Investment Trust’s Digital Large Cap Fund.

read more: SEC delays the launch of Grayscale Crypto ETF despite approval

Bitwise Fund tracks and holds Bitwise 10 large cap crypto index Bitcoin Weighted 78.7%, followed by Ethereum According to Bitwise, at 11.1%. The fund manages $1.4 billion in assets across 10 crypto holdings at an expense ratio of 2.5%.

The SEC has granted accelerated approval for BitWise Fund to convert it into ETF transactions at NYSE ARCA. Submit. However, Deputy Chief Shelley Haywood Separate letters To consider the commission’s delegated lawsuit and automatically trigger a stay under Rule 431 of the Commission’s Rule of Practice.

The fund is currently trading in-store under ticker Bitw and has been operating as a trust since November 2017, according to Bitwise. Public quotations began in December 2020 OTCQX Market.

Beyond Bitcoin and Ethereum, the fund holds smaller positions XRP According to the fact sheet, Solana at 5%, 3% and Cardano at 0.8%. Additional holdings include 0.4% SUI, 0.3% ChainLink, 0.3% avalanches, 0.2% Litecoin, and 0.2% Polkadot.

The approval order, according to SEC filings, indicates that at least 85% of the holdings of the goods underlying the goods approved on the commission-approved exchanges must be maintained. This structure reflects the requirements imposed on other cryptographic ETF authorizations.

According to a letter from Haywood, it will prevent transactions until the SEC orders anything else. The Secretariat will notify you of any exchange of lawsuits filed by the agency.

The delay follows a similar pattern to the Grayscale pattern Digital Large Cap Fundand received approval and immediate stay earlier this month. The fund tracks the Coindesk 5 index and holds $774.8 million in managed assets.

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