SEC delays decisions on Bitwise and Grayscale cryptocurrency ETFs until November

SEC Delays Decisions on Bitise Dogecoin ETF and Grayscale Hedera ETF

The Securities and Exchange Commission (SEC) has postponed its decision regarding the Bitise Dogecoin ETF and the Grayscale Hedera ETF, keeping both applications under review until November 12th.

On Tuesday, the SEC decided to push back the deadline related to NYSE ARCA’s request to list the Bitise Dogecoin ETF. This proposal was initially submitted in March, and the regulatory review period officially began with its publication in the federal register on March 17th.

On the same day, the SEC also extended its review period for the Grayscale application aimed at listing Hedera ETFs, setting the same November deadline for both applications.

Grayscale has been updating its filings over the years, attempting to convert its Litecoin and Bitcoin Cash Trusts into ETFs. This shift would allow the trust to be listed on a national exchange, enabling daily trading and redemptions, which could help to align prices more closely with net asset value and mitigate the significant premiums or discounts seen in over-the-counter transactions.

The company previously made headlines in 2024 when it successfully transformed the Grayscale Bitcoin Trust into the first U.S. Spot Bitcoin ETF, following a legal battle with the SEC. Now, they’re trying to replicate this model for Bitcoin Cash (BCH) and Litecoin (LTC).

SEC’s Uncertain Path for AltCoin ETFs

The surge in AltCoin ETF applications in 2025 has resulted in a noticeable backlog for the SEC.

As of July 31, at least 31 Altcoin Spot ETF applications have been submitted in the first half of 2025, including proposals from XRP, Dogecoin, Solana, Litecoin, Avalanche, and BNB.

As of August 29, around 92 crypto-related ETF products were pending SEC decisions. There’s particularly strong institutional interest in Solana (SOL), which has eight applications, and XRP, with seven applications in queue.

In general, the SEC tends to take the entire review period, often extending deadlines instead of granting early approvals or rejections. In August, for example, the SEC delayed various crypto ETF filings including those from NYSE Arca for Truth Social Bitcoin and Ethereum ETFs, pushing their deadlines to October 8th, while Bitwise Solana ETFs were moved to October 16th, and core XRP trusts to October 19th.

On August 25, the agency also extended its review for CBOE BZX’s proposal for the WisdomTree XRP fund, setting a new deadline for October 24th, and delaying the Canary Pengu ETF decision to October 12th.