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
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
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2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
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