SEC Fast-Tracks Bitwise Crypto ETF onto NYSE Stage
Published Date: 11/21/2025
Notice
Summary
The SEC gave the green light for NYSE Arca to update its rules and start trading shares of the Bitwise 10 Crypto Index ETF, a fund that tracks top cryptocurrencies. This change affects investors interested in crypto and opens up new trading options on the exchange. The approval happened quickly in July 2025, signaling a fresh way to invest in crypto through a trusted stock market platform.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 0 costs, 1 mixed.
New Bitwise 10 Crypto ETF Approved
The SEC approved listing and trading of the Bitwise 10 Crypto Index ETF on NYSE Arca. The Division of Trading and Markets approved the proposal on July 22, 2025, and the Commission issued the approving order on November 18, 2025, enabling a new way to invest in a portfolio of top cryptocurrencies through an exchange-listed fund.
85% Approved-Component Portfolio Rule
The Trust must hold at least 85% of its portfolio weight in components that the Commission has approved to underlie ETPs as of 4:00 p.m. E.T. each trading day. If the Trust is or will be below 85%, the Sponsor must notify the Exchange and rebalance by the start of the next NYSE Arca Core Trading Session (or notify by no later than 9:15 a.m. E.T. if a deficiency is expected), and the Exchange will halt trading until the 85% condition is met.
NAV and Reference Price Process
The Trust's NAV will be calculated daily as of 4:00 p.m. E.T. using Reference Prices published by CF Benchmarks Ltd., which aggregate trade flow from several digital asset trading platforms (including Bitstamp, Coinbase, Gemini, itBit, LMAX, and Kraken). Creation Units will initially consist of at least 10,000 Shares.
Intraday Indicative Value and Market Data
The Trust will have an intra-day indicative value disseminated by major market data vendors every 15 seconds during the Exchange's core trading session, and quotation and last-sale information for the Shares will be available to support pricing transparency.
Shares Treated as Equity Securities
The Exchange deems the Shares to be equity securities, so trading in the Shares will be subject to the Exchange's existing equity trading rules, surveillance procedures, market maker requirements, and continued listing requirements (including potential delisting if requirements are not met).
Fund Composition and Custody Details
As of June 30, 2025, the Trust's portfolio weightings were listed (e.g., 78.72% bitcoin, 11.10% ether, 4.97% XRP, 3.03% Solana, and smaller weights for other digital assets). Coinbase Custody Trust Company, LLC will maintain custody of the Trust's digital assets, and The Bank of New York Mellon will serve as administrator and cash custodian.
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