The U.S. Securities and Exchange Commission has once again delayed its decision on Bitwise’s proposal to convert its flagship crypto index fund into a spot exchange-traded fund.
According to an official statement issued by the SEC, July 31, 2025, is now set as the date when the agency will either approve or reject the proposed rule change.
This marks another setback for Bitwise, which has been seeking approval to list an ETF backed by leading cryptocurrencies, including Bitcoin, Ethereum, XRP, and Cardano.
Launched in November 2017, the Bitwise 10 Crypto Index Fund currently holds $1.44 billion in assets under management. The fund focuses on the top crypto coins, and just 77 percent of the portfolio is made up of Bitcoin.
Ethereum represents the second-largest share, at nearly 12 percent. In addition to Bitcoin and Ethereum, the fund owns XRP, Solana, and Cardano, giving investors a variety of promising altcoins.
Regardless of the crypto community’s hopes, the SEC has not approved any spot ETF focused on a single digital asset. Meanwhile, applications that feature XRP have been under close observation, with several proposals submitted by Franklin Templeton, 21Shares, Canary Capital, and Bitwise being held up by regulators.
Also Read: Bitcoin Price Just Hit $108K — Analyst Says the Real Surge Is Ahead
Delay Highlights Ongoing Uncertainty in U.S. Crypto ETF Landscape
While the current SEC leadership has been seen as more open to crypto-related products, its approach remains cautious. The delay in Bitwise’s application follows a consistent pattern of postponed decisions on similar ETF filings.
Analysts suggest that most spot altcoin ETFs may not receive approval until late 2025. However, some betting platforms, such as Polymarket, show that participants are quite hopeful that the approval can happen soon.
The SEC, however, has not shared any specific timeline or details for the continuing delays. A lack of clear rules is still impeding companies that want to offer crypto-based ETFs and investors seeking regulated methods of investing.
No decision has yet been made regarding Bitwise’s proposal to list ETFs containing BTC, ETH, XRP, and ADA.
The SEC has delayed Bitwise’s multi-crypto ETF several times, pointing to their lingering caution about digital assets. As of now, top digital assets like BTC, ETH, XRP, and ADA have not been featured in ETFs.
Also Read: Prominent Analyst Gives Updated XRP Price Prediction – Here’s How Much the Coin Could Surge Soon
