The U.S. Securities and Exchange Commission (SEC) has extended its review period for multiple crypto exchange‑traded fund (ETF) applications, pushing back decisions on both Grayscale’s proposed Hedera Trust and the Bitwise Dogecoin ETF until November 12.
SEC delays Hedera Trust and Dogecoin ETF applications
According to an SEC order published Tuesday, the watchdog said it would require more time to evaluate Nasdaq’s bid to list the Grayscale Hedera Trust (ticker: HBAR), citing its authority to extend review deadlines by up to 60 days.
On the same day, Grayscale filed updated registration statements for its Bitcoin Cash Trust and Litecoin Trust, both using Form S‑3, marking them as long‑standing reporting funds seeking conversion into ETFs. The pair would list on NYSE Arca, with BNY Mellon as administrator and Coinbase acting as custodian and prime broker.
Grayscale also filed a new Form S‑1 for the Hedera Trust, its initial registration for a spot ETF linked to the Hedera network. The product would launch contingent on Nasdaq’s proposed rule change being approved.
Separately, the SEC delayed a decision on NYSE Arca’s rule filing for the Bitwise Dogecoin ETF, also moving its deadline to November 12. Bitwise initially filed its Dogecoin application in March.
Why altcoin ETFs matter
If approved, Grayscale’s conversions of Bitcoin Cash (BCH) and Litecoin (LTC) trusts into ETFs would allow daily share creations and redemptions, eliminating the steep premiums and discounts historically seen in over‑the‑counter (OTC) trading markets.
For Hedera and Dogecoin, the funds would mark among the earliest U.S.-listed ETFs tied to non‑Bitcoin, non‑Ethereum assets. Grayscale previously set precedent in 2024 with the legal conversion of its flagship Grayscale Bitcoin Trust (GBTC) into the first U.S. spot Bitcoin ETF, paving the way for subsequent Ethereum products.
Growing SEC backlog on crypto filings
The delays reflect an increasingly crowded SEC docket of crypto ETFs. As of late August, over 90 filings were awaiting Commission action. These include proposals tied to Solana (SOL), XRP, Avalanche (AVAX), BNB, Dogecoin, and others.
Institutional interest is particularly concentrated in Solana and XRP, with at least eight Solana ETF applications and seven XRP proposals pending. In August alone, the SEC postponed decisions on Truth Social’s Bitcoin and Ethereum ETFs (deadline now Oct. 8), 21Shares and Bitwise Solana ETFs (Oct. 16), 21Shares’ Core XRP Trust (Oct. 19), and Cboe BZX’s WisdomTree XRP Fund (Oct. 24).
By stretching procedural deadlines, the SEC may be preparing to address multiple cases in coordinated fashion rather than issuing piecemeal rulings.
Analysts: ETFs add compliance and institutional access
Commenting on the broader environment, attorney Lionel Iruk of Empire Legal noted that ETF structures deliver more than liquidity.
“It provides the compliance, custody, and transparency frameworks that traditional investors often require before making any investment decision,” he said.
Such products extend appeal “beyond the crypto‑native audience,” enabling a shift from speculative enthusiasm to regulated offerings.
The RWA.xyz tracker shows tokenization products tied to traditional finance assets already reaching more than $28 billion in value this year, a backdrop against which crypto‑native ETFs continue to jockey for approval.
Regulatory context shifting
The SEC has typically exercised its authority to take the full 180‑day review period, followed by an additional 60‑day extension. The concentrated fall deadlines suggest the Commission is working through the altcoin ETF wave methodically, after approving only Bitcoin and Ethereum spot products to date.
Industry observers note the change in SEC leadership earlier this year, with Paul Atkins replacing Gary Gensler as chairman, has added expectations of a more accommodating stance toward digital assets. Bloomberg ETF analysts Eric Balchunas and James Seyffart in June raised their odds of approval for XRP, Dogecoin, and Cardano spot ETFs to as high as 90% by year‑end.
Roman Zaika
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