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

by

SEC’s Waiting Game: Will XRP, SOL, and ADA Ever Get Their Moment in the Sun? 🌞

Ah, the U.S. Securities and Exchange Commission (SEC), our beloved gatekeeper of financial sanity, has decided to play a delightful game of “let’s postpone everything” regarding Bitwise’s charming little endeavor to transform its crypto index fund into an exchange-traded fund. How thrilling! 🎭

The Bitwise 10 Crypto Index Fund (BITW), which made its grand debut back in the halcyon days of November 2017, is currently tracking the biggest cryptocurrencies by market capitalization. One might say it’s like a high-society soirée, but with more digital coins and fewer top hats.

With a staggering $1.44 billion in assets under management, this fund is practically dripping in wealth. Bitcoin (BTC), the belle of the ball, accounts for a whopping 77% of the fund, while Ethereum (ETH) lags behind like a wallflower at a dance, clutching its nearly 12% share.

And let’s not forget the more eccentric guests at this crypto gala: the likes of XRP, Solana (SOL), and Cardano (ADA) are also in attendance, though they seem to be waiting for their moment to shine. Perhaps they should have brought a better party trick? 🎉

As for the SEC, it appears they are in no particular hurry to approve any spot ETFs tied to individual cryptocurrencies. When it comes to XRP, the SEC has already pressed the pause button on various applications from illustrious issuers like Franklin Templeton, Bitwise, Canary Capital, and 21Shares. One can only imagine the bureaucratic tea parties they must be having! ☕

Despite the crypto-friendly vibes emanating from the new administration, the SEC seems to be taking its sweet time with the plethora of spot altcoin ETF applications. Analysts, with their crystal balls, predict that we might see some approvals by late 2025. How positively optimistic! 🕰️

Meanwhile, Polymarket bettors are practically giddy with excitement over the prospects of these products being greenlit by the regulator later this year. One can only hope they’re not just daydreaming! 💭

Read More

2025-05-28 23:22