Crypto-market momentum accelerated as U.S. regulators advanced another major product. The U.S. Securities and Exchange Commission (SEC) approved on Nov. 18 NYSE Arca’s plan to list the Bitwise 10 Crypto Index ETF after first staying a delegated approval issued in July.

The SEC stated:

IT IS THEREFORE ORDERED … that the earlier action taken by delegated authority … is set aside and … the proposed rule change … hereby is approved.

The ETF will maintain at least 85% exposure to commodities underlying previously approved exchange-traded products (ETPs). Pricing remained supported by CF Benchmarks’ reference values, while surveillance, intraday valuation dissemination and mandatory trading halts serve as structural safeguards aligned with prior ETP precedents.

As of Nov. 18, the fund’s reported weights showed concentrated large-cap exposure: bitcoin at 74.4%, ethereum at 15.2%, XRP at 5.3%, and solana at 3.1%. The fund also holds cardano, chainlink, litecoin, avalanche, SUI, and polkadot.

Bitwise 10 Crypto Index ETF holdings as of Nov. 18. Source: Bitwise

Read more: SEC Grants, Then Halts, Approval for Crypto ETF With XRP: Expert Calls It ‘Bizarre Situation’

The SEC’s decision followed the Commission’s intervention on July 22, 2025, pausing the Division of Trading and Markets’ initial approval and initiating a de novo review.

Public comments drew contrasting views. Some critics questioned the inclusion of XRP and solana, referencing concerns about decentralization, regulatory posture, and futures-market depth. The SEC argued, as outlined in its order:

Although this commenter states that neither XRP nor solana has an established futures market, the Chicago Mercantile Exchange currently lists and trades both XRP and solana futures contracts.

Other objections focused on volatility and cybersecurity events. The Commission reiterated that its duty is to determine whether exchange rules are designed to detect and deter manipulation, not to ensure market immunity. Overall, the approval indicates that diversified crypto exposure, when bounded by component thresholds, transparent pricing and enforceable surveillance standards, can satisfy investor-protection requirements while broadening institutional access to digital assets.

• Why is the SEC’s approval of the Bitwise 10 Crypto Index ETF significant for investors?
  The approval signals growing regulatory acceptance of diversified crypto exposure and opens the door for broader institutional participation under a fully reviewed, de novo process.
• How does the ETF’s high-cap concentration impact its investment profile?
  With bitcoin and ethereum comprising nearly 90% of the fund, investors gain targeted exposure to the most liquid, institutionally adopted assets while still capturing smaller allocations to emerging networks.
• What safeguards did the SEC highlight to address market manipulation concerns?
  The ETF relies on CME-traded futures, CF Benchmarks pricing, surveillance-sharing protocols, intraday valuation dissemination, and automatic trading halts to align with prior ETP standards.
• How does the inclusion of assets like XRP and solana fit within regulatory expectations?
  The SEC noted that active CME futures trading for both assets meets its criteria for market depth and oversight, supporting their eligibility within the ETF’s diversified component framework.

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