The U.S. Securities and Exchange Commission (SEC) on November 18, 2025, approved NYSE Arca's proposal to list and trade shares of the Bitwise 10 Crypto Index ETF, marking a significant step forward for multi-asset crypto exchange-traded products. The decision came after the SEC set aside a delegated action from July 22, 2025, which had temporarily paused the initial approval and triggered a full de novo review.
ETF Composition: Heavy Concentration on Large-Cap Assets
According to the SEC order, the Bitwise 10 Crypto Index ETF will maintain at least 85% exposure to commodities underlying previously approved exchange-traded products (ETPs). As of November 18, the fund's reported weights showed a clear dominance of top-tier cryptocurrencies: bitcoin at 74.4%, ethereum at 15.2%, XRP at 5.3%, and solana at 3.1%. The portfolio also includes cardano, chainlink, litecoin, avalanche, SUI, and polkadot.
The ETF relies on CF Benchmarks' reference values for pricing, along with surveillance-sharing agreements, intraday valuation dissemination, and mandatory trading halts — safeguards that align with earlier single-asset crypto ETPs.
Addressing Concerns over XRP and Solana
During the public comment period, some critics questioned the inclusion of XRP and solana, citing concerns about decentralization, regulatory posture, and insufficient futures market depth. However, the SEC countered these arguments 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."
The Commission further reiterated that its statutory duty is to assess whether exchange rules are designed to detect and deter manipulation, not to guarantee immunity from market volatility or cybersecurity events. By demonstrating that the regulated CME futures market supports these assets, the SEC deemed them eligible within the ETF's diversified framework.
Market Implications and Regulatory Signal
The approval of the Bitwise 10 Crypto Index ETF is widely seen as a green light for diversified crypto exposure in a regulated wrapper. It allows institutional and retail investors to gain broad-based crypto exposure through a traditional brokerage account, without the complexities of self-custody or direct token purchases.
The SEC's willingness to approve an ETF containing assets beyond bitcoin and ether — despite earlier regulatory battles over XRP's legal status — suggests a maturing regulatory landscape. The presence of actively traded CME futures contracts on XRP and solana appears to have been a key factor in satisfying the SEC's requirements for market depth and oversight.
While the ETF's heavy weighting in bitcoin and ether (nearly 90% combined) means the fund is largely correlated with the performance of the two largest cryptocurrencies, the inclusion of smaller allocations to emerging networks like solana and XRP provides additional diversification and upside potential. Analysts expect that other crypto index ETFs may follow a similar structure, further accelerating institutional adoption.
The SEC's decision also clarifies a framework for multi-asset crypto ETFs: each component must either be a commodity underlying an already-approved ETP or be supported by a regulated futures market. This could pave the way for broader digital asset funds in the future, as more tokens gain CME futures listings.