SEC’s Nov. 12 Deadline Looms for Grayscale Hedera ETF Ruling

TLDR

• The SEC has set November 12, 2025, as the final deadline for approving or denying Grayscale’s proposal for the Hedera Trust listing on Nasdaq.
• The deadline represents the maximum extension allowed under Section 19(b)(2) of the Securities Exchange Act.
• Grayscale originally filed the Hedera ETF application on Feb. 28, 2025, and proceedings began on June 12.
• Analysts estimate a 60-80% chance of approval by year-end, based on Hedera’s enterprise adoption and its compliance with ISO 20022.
• Canary Capital faces an earlier SEC decision date of Nov. 8 for its spot Hedera ETF application.

The U.S. Securities and Exchange Commission (SEC) has scheduled Nov. 12, 2025, as the deadline for Grayscale’s Hedera Trust listing proposal. Nasdaq applied to list and trade the trust’s shares. The SEC must now approve or deny the Hedera ETF application by this final date.

Federal Law Blocks Further Hedera ETF Delays

The Nov. 12 deadline represents the last extension allowed under federal securities law. Section 19(b)(2) of the Securities Exchange Act prevents further delays beyond this point. Financial Press confirmed the timeline through SEC filings posted on Nov. 2.

The commission can no longer postpone its decision on the Hedera ETF proposal. Grayscale originally applied on February 28, 2025, in accordance with the requirements of Nasdaq Rule 5711(d). The rule governs trust shares backed by commodity-based assets.

Review proceedings began on June 12 and were repeatedly postponed throughout the year. The SEC previously extended the deadline to Sept. 9 before announcing the November date. Each extension allowed more time for regulatory assessment and market surveillance evaluation.

Grayscale Submits Complete Registration Documents

Grayscale filed Form S-1 registration statements detailing the trust’s operational structure and holdings. The trust will hold HBAR tokens directly and track their spot price. Management fees and liabilities will be deducted from the overall value.

The SEC cited the need for enhanced surveillance systems and volatility studies as reasons for the delays. Officials also requested additional liquidity analysis before making a final determination. Hedera’s compliance with ISO 20022 standards may support the approval case.

Analysts now estimate a 60-80% chance of approval by year-end. The estimate reflects Hedera’s growing adoption among enterprises and its technical infrastructure. Market observers consider these factors when evaluating the prospects of the Hedera ETF.

Multiple HBAR ETF Applications Under Review

Canary Capital faces an earlier SEC deadline of Nov. 8 for its spot Hedera ETF application. This decision arrives four days before Grayscale’s judgment date. The Canary ruling could influence subsequent decisions on similar applications.

At least six U.S. fund managers have filed Hedera ETF proposals with regulators. REX-Osprey and KraneShares join Grayscale and Canary in seeking approval. Institutional demand for regulated crypto investment products continues to grow.

Hedera recently transferred 250 million HBAR tokens to its staking rewards account. The move aims to activate yield generation and reduce circulating supply. Company representatives have indicated major announcements are planned throughout November.

Broader Crypto ETF Landscape

The SEC currently reviews more than 90 applications for cryptocurrency-related ETFs from various issuers. Proposals include funding for XRP, Dogecoin, Litecoin, and other digital assets. November decisions will establish precedents for altcoin ETF approvals.

On-chain data shows vigorous network activity and corporate tokenization use cases for Hedera. Enterprise clients have integrated the network for various blockchain applications. These developments demonstrate real-world utility beyond speculative trading.

The SEC’s November rulings will determine whether alternative cryptocurrency ETFs gain access to the market. Regulated investment vehicles would provide institutional investors with compliant exposure options. The Hedera ETF applications represent part of this broader regulatory review process.

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