Crypto Hits Wall Street: Bitwise 10 ETF Eyes NYSE Trading Debut
Published Date: 7/23/2025
Notice
Summary
NYSE Arca wants to update its rules to list and trade shares of the Bitwise 10 Crypto Index ETF, a fund that tracks top cryptocurrencies. This change affects investors interested in crypto ETFs and could open new trading opportunities soon. The SEC is reviewing the proposal, with decisions and possible trading starting later in 2025.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Proposed listing of Bitwise 10 Crypto ETF
NYSE Arca filed to list and trade the Bitwise 10 Crypto Index ETF and filed Amendment No. 1 on July 17, 2025. The SEC published the notice on July 23, 2025 and is reviewing the proposal; decisions and possible trading could begin later in 2025.
85% Approved Components trading safeguard
The Trust and Index will be structured so that at least 85% of the Trust's Portfolio Assets consist of 'Approved Components' as of 4 p.m. E.T. each trading day. If the Sponsor anticipates the Portfolio Assets will be less than 85% Approved Components, the Sponsor must notify the Exchange and the Exchange will halt trading in the Shares until at least 85% of the Portfolio Assets consist of Approved Components; the Sponsor must rebalance by the start of the next NYSE Arca Core Trading Session or notify the Exchange promptly (no later than 9:15 a.m. E.T.).
Broader rule to allow more Trust issuers
NYSE Arca proposes to amend Rule 8.500-E to allow Trust Units to be issued by a trust, limited liability company, or other similar entity (adding 'if applicable' for the commodity-pool requirement) and to clarify that Trust Units may be based on assets, commodities, securities, and/or portfolios (including indices). The Exchange says these changes would give prospective issuers more flexibility and could encourage more listings, to the benefit of the investing public.
Trust structure: assets, custody, and operations
According to the filing, the Trust will not be registered as an investment company under the Investment Company Act and is not a commodity pool. The Trust's only assets will be Portfolio Assets and cash; it will not use derivatives, will process creations and redemptions in cash, will rely on Coinbase Custody Trust Company as custodian for Portfolio Assets and BNY Mellon as cash custodian/administrator, and the Sponsor's management fee will accrue daily and be payable monthly in arrears.
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Key Dates
Department and Agencies
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