The U.S. Securities and Exchange Commission (SEC) approved a major multi-asset crypto exchange-traded fund (ETF) on July 22 but immediately stayed the decision for full Commission review. The SEC’s Division of Trading and Markets granted accelerated approval for a proposed rule change permitting NYSE Arca to list and trade shares of the Bitwise 10 Crypto Index ETF under an amended Rule 8.500-E.

The ETF is structured to track the Bitwise 10 Large Cap Crypto Index, which consists of leading digital assets weighted by free-float market capitalization. The SEC formally stated:

It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act, that the proposed rule change … be, and hereby is, approved on an accelerated basis.

As of June 30, 2025, the Trust’s portfolio consisted of 78.72% bitcoin ( BTC), 11.10% ether ( ETH), 4.97% XRP ( XRP), 3.03% solana ( SOL), 0.78% cardano ( ADA), 0.35% SUI (SUI), 0.32% chainlink (LINK), 0.28% avalanche (AVAX), 0.24% litecoin ( LTC), and 0.19% polkadot (DOT).

The ETF mandates that at least 85% of holdings be in assets already approved by the SEC to underlie exchange-traded products, with the remaining 15% permitted in other digital assets. Coinbase Custody Trust will serve as custodian for crypto assets, and The Bank of New York Mellon will oversee cash and administrative operations. Net asset value (NAV) will be calculated daily using CF Benchmarks Ltd. pricing, based on aggregated data from major trading platforms.

However, later on July 22, the SEC’s Office of the Secretary issued a stay of the approval under Rule 431: “This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action. In accordance with Rule 431(e), the July 22, 2025 order is stayed until the Commission orders otherwise.”

A similar situation recently occurred with Grayscale, which sought to list and trade shares of its Digital Large Cap Fund under the amended NYSE Arca Rule 8.500-E. The SEC’s Division of Trading and Markets granted accelerated approval but the decision is stayed on the same day pending full Commission review. Nate Geraci, president of Novadius Wealth Management, commented on social media platform X:

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. IMO, both of these should be allowed to convert/uplist asap. Bizarre situation.

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