SEC Delays Bitwise Crypto ETF Decision Again But Is Approval Closer Than Ever?

The U.S. Securities and Exchange Commission (SEC) has once again hit the brakes on the Bitwise 10 Crypto ETF application, pushing its decision deadline to July 31, 2025. But behind the red tape, experts say momentum may finally be building for a wave of long-awaited approvals.

Another Delay, Familiar Pattern

For the second time this year, the SEC has extended its review of the Bitwise 10 Crypto Index Fund, a product that would offer investors diversified exposure to the top 10 cryptocurrencies, including Bitcoin, Ethereum, Solana, and XRP. Initially due by June 1, the deadline has now been moved to July 31.

This isn’t an isolated case. The SEC has been dragging its feet on multiple crypto ETF filings in recent months, citing the need for “additional analysis” and public feedback. Other spot ETF proposals, such as Grayscale’s applications for Cardano and Avalanche, have also faced similar stalls.

“It’s a regulatory slow dance. But the music is changing,” said ETF analyst James Seyffart in a recent X post.

Why Bitwise Matters

Launched in 2017, Bitwise has built a reputation as one of the more credible crypto asset managers in the U.S. Its flagship Bitwise 10 Crypto Index Fund (BITW) currently manages about $1.4 billion in assets, with Bitcoin comprising nearly 78% of the portfolio, followed by Ethereum and XRP.

Unlike single-asset ETFs, BITW is designed to mirror the market’s top performers, offering a diversified approach in a single product. The fund aims to trade on NYSE Arca, one of the most prominent ETF exchanges in the world.

If approved, this product could open the floodgates for more diversified crypto ETF offerings, especially as investors grow weary of volatility tied to single-coin investments.

The Political and Regulatory Underbelly

The timing of this delay is no coincidence. The SEC, under Chair Gary Gensler, has maintained a cautious stance toward the crypto industry, often citing investor protection concerns. However, the winds in Washington may be shifting.

Several analysts believe the upcoming U.S. election could act as a catalyst. A potential victory by crypto-friendly politicians, including Trump, who recently proposed massive tariffs and voiced pro-Bitcoin views, might break the long-standing regulatory gridlock.

“We could see the SEC loosening its grip in late 2025,” said Bloomberg’s Eric Balchunas. “The groundwork is being laid, the Bitwise delay is just part of the ritual.”

Institutional Appetite Is Growing

Despite regulatory headwinds, institutional interest in digital assets is far from cooling. BlackRock’s Bitcoin ETF has accumulated over $45 billion in inflows, and Fidelity’s counterpart continues to surge.

Crypto ETFs, particularly those offering broader exposure like Bitwise’s, are seen as a bridge between Wall Street and the blockchain world. They offer a simplified, regulated, and tax-efficient gateway for large investors to enter the crypto market.

“Wall Street wants in. These delays are not denials, they’re just pre-approvals with paperwork,” said one fund manager anonymously.

So, What’s Next?

While delays are frustrating, the growing sophistication of products like the Bitwise 10 Crypto Index Fund suggests that approval may be a matter of when, not if.

The next decision date is now set for July 31, 2025, and industry insiders believe this timeline could align with a broader strategy to clear multiple crypto ETF applications at once, similar to the January approvals of spot Bitcoin ETFs.

In the meantime, Bitwise and others will continue to fine-tune their filings, engage with regulators, and educate the public on the safety and structure of these offerings.

Conclusion: Delays May Signal Maturity, Not Hesitation

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The SEC’s latest delay may feel like déjà vu, but it also reflects the maturation of the crypto ETF ecosystem. The agency is under pressure to get things right, not just fast.

As institutional demand accelerates and regulatory sentiment shifts, Bitwise may yet lead the next frontier in crypto investing.

The clock is ticking, and the next chapter begins July 31.

FAQs

What is the Bitwise 10 Crypto Index Fund ETF?

The Bitwise ETF is a proposed exchange-traded fund offering exposure to the top 10 cryptocurrencies by market cap, including BTC, ETH, and XRP.

Why did the SEC delay the Bitwise ETF decision again?

The SEC extended the review period to July 31, 2025, citing a need for additional analysis and public input.

Is this the first time the SEC has delayed a crypto ETF?

No. The SEC has postponed decisions on various crypto ETF proposals, including products from Grayscale and other asset managers.

Could the Bitwise ETF still get approved in 2025?

Yes. Despite delays, experts believe political pressure and institutional demand could push the SEC to approve the fund later in 2025.

How would a Bitwise ETF affect the crypto market?

Approval could signal broader adoption, boost market sentiment, and allow institutions to invest in a diversified crypto basket through traditional platforms.

Glossary of Key Terms

ETF (Exchange-Traded Fund): A marketable security that tracks an index, commodity, or asset, traded like a stock on exchanges.

Bitwise: A crypto asset management firm offering index funds and investment products for digital assets.

SEC (Securities and Exchange Commission): U.S. federal agency that oversees securities markets and protects investors.

NYSE Arca: A leading U.S. exchange for trading ETFs and other securities.

Diversified Exposure: Investing in a range of assets to reduce risk, rather than focusing on a single asset like Bitcoin.

Institutional Investor: Large entities such as hedge funds or pension funds that invest large sums of money.

Regulatory Review: The process by which the SEC or other bodies assess the safety, compliance, and impact of a financial product.

Sources:

• CryptoBriefing – SEC Delays Bitwise ETF Decision

• TokenPost – SEC Postpones Crypto ETF Ruling

• Bloomberg Analyst James Seyffart on Twitter