The U.S. Securities and Exchange Commission (SEC) has decided to push back its decisions on two crypto-related exchange-traded funds (ETFs), extending the review process until November 12. The affected filings include the Bitwise Dogecoin ETF and Grayscale’s Hedera ETF.
The delay was confirmed on Tuesday, when the SEC announced it would take more time to evaluate NYSE Arca’s proposal to list the Bitwise product. That application was originally submitted in March and entered into the Federal Register on March 17, triggering the official review timeline. On the same day, the regulator also extended its assessment of Grayscale’s Hedera ETF application, aligning both decisions to the same November deadline.
Meanwhile, Grayscale has been active with additional filings. The asset manager is seeking to convert its Litecoin and Bitcoin Cash trusts into ETFs, a move that would allow shares to be created and redeemed daily on a national exchange. This shift would help align trading prices more closely with net asset value, avoiding the wide premiums and discounts often seen in the OTC market. The firm already set a precedent in 2024 when it successfully transformed the Grayscale Bitcoin Trust (GBTC) into the first U.S. spot Bitcoin ETF after a lengthy legal battle with the SEC.
Altcoin ETF Applications Facing Delays
The SEC’s cautious stance comes as a wave of new ETF filings floods its docket. By the end of July 2025, at least 31 spot-ETF proposals tied to altcoins had been submitted, covering assets such as XRP, Dogecoin, Solana, Litecoin, Avalanche, and BNB. As of late August, the regulator was reviewing over 90 crypto-related ETF products in total.
Among these, institutional appetite appears strongest for Solana (SOL)—with eight separate applications pending—and XRP, which has seven filings under review.
So far, the SEC has consistently opted to use the full review periods rather than delivering swift approvals or rejections. In August alone, the agency delayed a series of filings, including:
- The Truth Social Bitcoin and Ethereum ETF (NYSE Arca) – new deadline: October 8
- 21Shares and Bitwise Solana ETFs – extended to October 16
- 21Shares Core XRP Trust – moved to October 19
- WisdomTree XRP Fund (Cboe BZX) – delayed to October 24
- Canary PENGU ETF – pushed back to October 12
These repeated extensions highlight the uncertain regulatory path for altcoin ETFs, even as demand from issuers and investors continues to climb.
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