The U.S. Securities and Exchange Commission (SEC) has formally announced a 60-day extension for the review period of two significant cryptocurrency exchange-traded fund (ETF) applications: Grayscale’s Hedera Trust ETF and Bitwise’s Dogecoin ETF. The new deadline for both applications is now set for November 12, 2025, adding to a trend of increasing delays surrounding crypto ETF approvals.
Grayscale’s proposal to list and trade the Grayscale Hedera Trust ETF was initially submitted on February 28, 2025. The SEC subsequently published this proposal in the Federal Register on March 17, initiating the statutory review process. By June 12, the SEC had begun procedures to evaluate whether to approve or disapprove the ETF but concluded that further time was necessary for comprehensive analysis. As a result, the SEC utilized its authority to extend the decision timeline for another 60 days, pushing the final decision to November.
Grayscale’s intentions include listing the Hedera Trust under Nasdaq Rule 5711(d), aimed at commodity-based trust shares. Approval would represent a notable advance in the effort to offer altcoin-based ETF products on national exchanges. However, the protracted regulatory review signals a cautious stance from the SEC regarding ETFs based on cryptocurrencies other than Bitcoin.
Similarly, the SEC’s decision on NYSE Arca’s proposal to list the Bitwise Dogecoin ETF has also been deferred. This application, published on the same date as Grayscale’s, has now entered a waiting period that concludes with the decision set for November 12. The SEC’s hesitation reflects a broader context of numerous crypto ETF applications queued for review. Among these is Bitwise’s pursuit to track Dogecoin, a highly traded meme cryptocurrency. The listing of this ETF could provide investors with regulated market access to DOGE; however, the SEC has yet to indicate any forthcoming approval.
The surge in altcoin ETF filings in 2025 has contributed to the SEC’s growing backlog. As of late August, the agency was actively reviewing a total of 92 crypto-related ETF products, including those for well-known cryptocurrencies like Solana, XRP, Litecoin, Avalanche, and BNB. Grayscale and Bitwise are not isolated in their wait for agency decisions; numerous other filings have also seen extended review periods. For instance, the SEC similarly delayed decisions for the 21Shares Solana ETF, Truth Social Bitcoin and Ethereum ETF, and WisdomTree’s XRP Fund in August.
Despite the ongoing congestion in the review pipeline, Grayscale remains committed to expanding its ETF offerings. The firm has recently moved to convert its Litecoin and Bitcoin Cash trusts into ETFs. Following the conversion of the Grayscale Bitcoin Trust in 2024, the company appears to be establishing a pathway for additional products in the increasingly competitive ETF landscape.
