SEC approves Bitwise 10 ETF after full review, clearing it for listing on NYSE Arca

The Securities and Exchange Commission has granted formal approval for NYSE Arca to list and trade the Bitwise 10 Crypto Index ETF.

The approval, issued on November 18, 2025, concludes a multistep review process that included multiple comment periods, procedural extensions, and a final amendment submitted by the exchange in July.

SEC confirms compliance after De Novo review

The Commission’s order sets aside the earlier decision issued on July 22, 2025, and completes a de novo evaluation of NYSE Arca’s filing under Section 19(b)(1) of the Securities Exchange Act of 1934.

The Bitwise 10 Crypto Index ETF will be listed under NYSE Arca Rule 8.500-E, which regulates Trust Units. The ETF will track the Bitwise 10 Large Cap Crypto Index, a free-float, market-cap-weighted benchmark that tracks the ten largest digital assets traded on qualified platforms. 

Under the approved structure, ETFs are supposed to maintain at least 85% of their portfolio in digital assets, which the SEC has previously approved as the primary underlying commodity of an exchange-traded product. The Commission noted that Bitcoin and Ether already meet this requirement, with the two making nearly 90% of the portfolio as of the June reporting date. The other assets are liable to the 15% limit on non-approved components.

The order states that the sponsor must inform NYSE Arca if the portfolio is estimated to reach the 85% mark by the 4:00 p.m. Eastern Time evaluation point. Suppose the portfolio fails to rebound to compliance by the next session. In that case, the exchange will close trading in the ETF shares until the portfolio is rebalanced in a manner that complies with the Trust’s methodology. The ETF will rebalance monthly, as is the case with the index it tracks.

Coinbase Custody Trust Company will hold the digital resources of the ETF, and the cash will be held by The Bank of New York Mellon, which will assume the duties of cash custody, administration, and transfer agent.

NAV methodology, pricing standards, and regulatory compliance

The reference prices will be provided by CF Benchmarks Ltd., which summarizes the digitized asset trading data between 3:00 p.m. and 4:00 p.m. Eastern Time, and this will determine the net asset value of the ETF. These are the reference prices, which are the standardized prices in U.S. dollars that the administrator applies when determining the NAV.

The ETF will also publish an indicative value at a rate of 15 seconds during the core trading hours of the NYSE Arca, in line with the transparency reporting of other commodity-based products, such as commodity exchange-traded funds.

The SEC determined that the proposal by NYSE Arca does not constitute a violation of the Exchange Act, Section 6(b) (5), which provides that the exchange rules should be designed to prevent fraud and manipulation, or be applied to promote fair trade and investor protection, and guard the interests of the people. The order also certifies that the product satisfies the informational requirement of Section 11A(a)(1)(C)(iii) in that the information on quotations and transactions is available to the market participants so that they can price their products in the right manner.

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