The U.S. Securities and Exchange Commission (SEC) has decided to delay its decisions on two significant cryptocurrency exchange-traded funds (ETFs): the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. Both applications will now remain under review until November 12.
The SEC’s announcement on Tuesday confirmed the extension of its deadline for NYSE Arca’s proposal to list the Bitwise Dogecoin ETF. This application was initially submitted in March and subsequently published in the Federal Register on March 17, kicking off the statutory review period. Additionally, the commission has also prolonged its review of Grayscale’s application for the Hedera ETF, aligning both timelines with the new November deadline.
In another development, Grayscale has submitted updated filings for its longstanding Litecoin and Bitcoin Cash trusts, aiming to convert these trusts into ETFs. Transitioning these products to a national exchange would enable daily share creations and redemptions. This change is expected to keep prices closely aligned with their net asset value, mitigating the considerable premiums and discounts often observed in over-the-counter trading. Grayscale successfully transformed its Bitcoin Trust (GBTC) into the first U.S. spot Bitcoin ETF in 2024, following a legal battle with the SEC, and is now seeking to apply a similar model to its Bitcoin Cash (BCH) and Litecoin (LTC) products.
As the SEC navigates a surge in altcoin ETF applications—over 30 were filed in just the first half of 2025—the backlog has become increasingly pronounced. By the end of July, a total of 31 altcoin spot ETF applications were under consideration, including those proposing XRP, Dogecoin, Solana, Litecoin, Avalanche, and BNB. By August 29, this number ballooned to 92 crypto-related ETF products awaiting decisions. Institutional interest appears particularly heightened for assets like Solana (SOL) and XRP, with multiple applications filed for each.
Historically, the SEC has chosen to utilize the entirety of its review periods, opting to extend deadlines as opposed to offering early approvals or outright rejections. In recent months, the agency has postponed decisions on numerous crypto ETF applications. For example, in August alone, several filings—including NYSE Arca’s Truth Social Bitcoin and Ethereum ETF and the 21Shares and Bitwise Solana ETFs—received deadline extensions.
The SEC’s ongoing review process appears indicative of broader uncertainties surrounding the regulatory landscape for cryptocurrency-related financial products.
