In a landmark decision, the U.S. Securities and Exchange Commission (SEC) has approved Bitwise’s request to convert its 10 Crypto Index Fund (BITW) into a fully-fledged Exchange Traded Fund (ETF). This approval marks one of the broadest crypto ETF greenlights in the U.S. market to date, offering investors diversified exposure to a basket of prominent digital assets beyond just Bitcoin and Ethereum.
The newly approved ETF will provide investors with access to a portfolio that includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL). Additionally, the filing confirms the inclusion of Cardano (ADA), Sui (SUI), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Polkadot (DOT), offering a comprehensive index of the crypto market’s leading assets.
Expanding Access to Diversified Crypto Investments
This move by the SEC signals a notable shift in the regulatory approach towards crypto-based investment products, moving towards greater acceptance and integration within traditional financial structures. Bitwise, a leading crypto specialist asset manager, currently manages approximately $5.79 billion across its 12 crypto ETFs. Its flagship spot Bitcoin ETF holds about $4.79 billion, while its Ethereum ETF accounts for an additional $431 million in net assets.
The conversion of the Bitwise 10 Crypto Index Fund into an ETF is expected to simplify the investment process for a wider range of investors, allowing them to gain exposure to a diversified crypto portfolio through familiar brokerage accounts without the complexities of direct crypto ownership.
Anticipation Builds for Further ETF Approvals
As Washington continues to warm up to the crypto sector, industry watchers are anticipating a wave of new ETF approvals. Bloomberg ETF analyst James Seyffart, a prominent voice in the space, stated in June that he now places 95% approval odds on ETFs for XRP, Litecoin, and Solana. He further added that cryptocurrencies like Cardano, Polkadot, HBAR, Avalanche, and even Dogecoin have a 90% likelihood of receiving approval in the coming months.
The SEC’s decision on the Bitwise 10 Crypto Index Fund, while briefly paused for Commission review immediately after the Division of Trading and Markets’ accelerated approval, underscores the growing momentum and institutional confidence in digital assets as a legitimate asset class. This development paves the way for greater accessibility and mainstream adoption of cryptocurrencies through regulated investment vehicles.
July 2025, Cryptoniteuae
