Bitwise made it through the front door, only to get shoved down the hallway and told to screw off. On Tuesday, the SEC’s trading division approved a first-of-its-kind multi-crypto ETF before the agency’s top brass froze it.
The pause came via Rule 431, a procedural tool used when internal consensus is polarized. Is this the deliberate slowing down of cryptoization in America?
“SEC Division of Trading & Markets has approved the Bitwise 10 Crypto Index ETF… However, like with the Grayscale Digital Large Cap ETF, this approval order is stayed.” — Nate Geraci, President of Novadius Wealth Management
What’s Inside the Bitwise 10 ETF?
The Bitwise 10 ETF would track a basket of top digital assets, weighted by circulating market cap. As of June 30, 2025 here’s how the ETF looks:
-
Bitcoin
0.33%
Bitcoin
BTC
Price
$61,578.57
0.33% /24h
Volume in 24h
$26.73B
Price 7d
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dominated the index at 78.72%. - Followed by
Ethereum
0.44%
Ethereum
ETH
Price
$1,623.28
0.44% /24h
Volume in 24h
$9.35B
Price 7d
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at 11.10%.
- XRP (4.97%) and Solana (3.03%) filled out the next tier
- Smaller slices allocated to ADA, SUI, LINK, AVAX, LTC, and DOT.
🚨The SEC has officially APPROVED the Bitwise XRP ETF! ✅📈🇺🇸#XRP #XRPCommunity pic.twitter.com/RskTrC5O7E
— BULLRUNNERS (@BullrunnersHQ) July 23, 2025
At least 85% of the ETF’s holdings will stay within SEC-approved crypto ETFs, while the rest will go to newer tokens still waiting on greenlights.
Coinbase Custody will hold the coins, and Bank of New York Mellon handles the fiat.
A New Pattern of “Approval-with-Hesitation”?
The SEC’s latest stall has reignited criticism that the agency is dragging its heels, even as the crypto sector builds the infrastructure regulators once demanded.
“IMO, both of these should be allowed to convert/uplist asap. Bizarre situation.” — Nate Geraci, Novadius Wealth
Despite the pause, the Bitwise 10 ETF checks every institutional box: secure custody, real-time pricing, compliance-ready structure. That makes the delay harder to justify, especially as demand for regulated crypto exposure climbs. The product isn’t dead, but stuck in bureaucratic limbo for now.
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Key Takeaways
- On Tuesday, the SEC’s trading division approved a first-of-its-kind multi-crypto ETF before the agency’s top brass froze it.
- Despite the pause, the Bitwise 10 ETF checks every institutional box: secure custody, real-time pricing, compliance-ready structure.
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