Approval expected from the US for 9 altcoins: Green light for the application - Bitcoin news - Uzmancoin - Crypto and Blockchain

The Securities and Exchange Commission accepted the application of the asset management company Bitwise to convert its cryptocurrency basket fund, Bitwise 10 Crypto Index Fund, into a spot exchange-traded fund.

The new spot ETF consists of a total of 10 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), Cardano (ADA), Sui (SUI), Chainlink (LINK), Litecoin (LTC), Polkadot (DOT), and Avalanche (AVAX). The fund aims to provide investors the opportunity to take positions in the top 10 cryptocurrencies through a single product by tracking a market-capitalization-weighted index.

The SEC's decision was recorded as the second hybrid ETF approval based on cryptocurrencies, following the approval for Grayscale's fund containing BTC, ETH, XRP, SOL, and ADA to be converted into a spot ETF on July 1.

In the first minutes following the decision, no significant change was observed in the prices of the relevant cryptocurrencies. Analysts predict an increase in trading volumes in the medium term with the start of the fund's trading.

On the other hand, the approval of the ETF has been suspended by the SEC, just like the approval given to Grayscale. Bloomberg's ETF analyst James Seyffart, who shared his thoughts on the matter, stated, "Approval was granted for Bitwise's 10 Index Fund, but just like Grayscale's GDLC fund earlier this month, the conversion of Bitwise's ETF has also been suspended at the request of one or more members of the SEC Commission. In other words, the fund will not be able to start trading as an ETF yet."

Published: July 23, 2025 00:40