SEC Postpones New ETF Decisions to November
The United States Securities and Exchange Commission (SEC) has delayed its decisions on the Bitwise Dogecoin ETF and the Grayscale Hedera ETF, extending the review period until Nov. 12.
On Tuesday, the agency postponed its deadline for NYSE Arca’s proposal to list the Bitwise Dogecoin ETF, originally filed in March and published in the Federal Register on March 17. On the same day, it also pushed back its decision on Grayscale’s application to list the Hedera ETF, setting the same November timeline.
Grayscale seeks conversions for altcoin trusts
Grayscale has also updated filings for its long-standing Litecoin and Bitcoin Cash trusts, aiming to convert them into ETFs. Listing these products on a national exchange would allow daily share creations and redemptions, helping prices track more closely with net asset value and avoiding the steep premiums and discounts often seen in over-the-counter trading.
The company already set precedent in 2024 by converting the Grayscale Bitcoin Trust (GBTC) into the first U.S. spot Bitcoin ETF after a court battle with the SEC. It now seeks to use the same model for Bitcoin Cash and Litecoin.
Growing backlog of altcoin ETF applications
The SEC’s latest delays highlight the growing number of crypto ETF applications under review. By the end of July, at least 31 spot altcoin ETF applications had been submitted in 2025, covering tokens such as XRP, Dogecoin, Solana, Litecoin, Avalanche, and BNB.
As of late August, around 92 crypto-related ETF products remained pending with the SEC. Solana has drawn particularly high institutional interest, with eight applications, while XRP has seven.
The agency has consistently used the full length of its review periods, opting for repeated deadline extensions rather than issuing early approvals or denials. In August alone, deadlines were pushed back for multiple products, including NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, the 21Shares and Bitwise Solana ETFs, and the 21Shares Core XRP Trust.
On Aug. 25, the SEC further delayed Cboe BZX’s proposal to list the WisdomTree XRP Fund, moving the decision date to Oct. 24, and on the same day postponed its ruling on the Canary PENGU ETF to Oct. 12.
Sources:
https://cointelegraph.com/news/sec-pushes-back-decisions-bitwise-grayscale-crypto-etfs-november
https://www.sec.gov/Archives/edgar/data/1732409/000173240925000008/bchg-20250909.htm
https://www.sec.gov/Archives/edgar/data/1732406/000173240625000008/ltcn-20250909.htm
https://www.sec.gov/files/rules/sro/nasdaq/2025/34-103918.pdf