XRP, SOL, and ADA Left Waiting as SEC Postpones Bitwise ETF Approval

SEC Delays Decision on Bitwise's Crypto Index Fund ETF Conversion

The U.S. Securities and Exchange Commission (SEC) has postponed its ruling on Bitwise's proposal to convert its flagship crypto index fund into an exchange-traded fund (ETF). The Bitwise 10 Crypto Index Fund (BITW), launched in November 2017, tracks the top cryptocurrencies by market cap and currently holds $1.44 billion in assets under management.

Bitcoin (BTC) dominates the fund's portfolio with a 77% allocation, while Ethereum (ETH) represents nearly 12%. The fund also includes exposure to other major altcoins like XRP, Solana (SOL), and Cardano (ADA).

Despite the SEC's more crypto-friendly stance under new leadership, the regulator has not approved any spot ETFs for individual cryptocurrencies. The agency has already delayed decisions on applications from several issuers including Franklin Templeton, Bitwise, Canary Capital, and 21Shares for XRP-related products.

Market analysts predict the SEC may approve these spot altcoin ETF applications, but likely not before late 2025. Interestingly, traders on Polymarket remain bullish about the possibility of regulatory approval later this year.