SEC Delays Bitwise Dogecoin ETF and Grayscale Hedera ETF Decisions Until November

TLDR

• SEC delayed decisions on Bitwise Dogecoin ETF and Grayscale Hedera ETF until November 12, 2025
• Grayscale updated filings for Bitcoin Cash and Litecoin trusts seeking conversion from trusts to ETFs
• Over 90 crypto ETF applications are currently pending SEC review, including products for Solana and XRP
• The SEC has been using full review periods and extending deadlines rather than issuing early decisions
• At least 31 altcoin ETF applications were filed in the first half of 2025 across various cryptocurrencies

The Securities and Exchange Commission has pushed back key decisions on cryptocurrency exchange-traded funds. The agency set November 12 as the new deadline for both the Bitwise Dogecoin ETF and Grayscale’s Hedera Trust application.

The Bitwise Dogecoin ETF application was first submitted in March and published in the Federal Register on March 17. NYSE Arca had proposed to list this product, which would track the price of the popular meme cryptocurrency.

Grayscale filed its Hedera Trust as a new product that would trade under the ticker HBAR. The trust depends on Nasdaq’s pending rule-change request to allow its listing on the exchange.

On the same day as the delays, Grayscale submitted updated registration statements for existing products. The company filed paperwork for its Bitcoin Cash Trust and Litecoin Trust conversions from their current trust structures.

Converting Trusts to ETFs

Grayscale aims to convert these long-standing trusts into ETFs that would trade on NYSE Arca. This conversion would allow daily share creations and redemptions, which helps keep prices closer to net asset value.

The current trust structure trades over-the-counter and often shows large premiums or discounts to the actual value of underlying assets. Converting to ETF format would reduce these price differences.

Grayscale successfully used this conversion model in 2024. The company converted its Bitcoin Trust (GBTC) into the first US spot Bitcoin ETF after winning a court battle with the SEC.

Bank of New York Mellon will serve as administrator for the new Bitcoin Cash and Litecoin products. Coinbase will handle custody and prime broker services for both funds.

Growing Application Backlog

The SEC faces a mounting pile of crypto ETF applications for review. At least 31 altcoin ETF applications were filed in the first half of 2025 alone.

These applications cover a wide range of cryptocurrencies including XRP, Solana, Avalanche, and BNB. As of August 29, over 90 crypto-related ETF products were waiting for SEC decisions.

Solana shows the highest institutional interest with eight separate applications pending. XRP follows with seven applications currently under review by the commission.

The SEC has consistently used the full length of its review periods. The agency repeatedly extends deadlines rather than issuing early approvals or rejections for most applications.

Pattern of Delays

August saw multiple crypto ETF deadline extensions from the SEC. The agency postponed the Truth Social Bitcoin and Ethereum ETF to October 8.

Both 21Shares and Bitwise Solana ETF applications received extensions to October 16. The 21Shares Core XRP Trust deadline moved to October 19.

The WisdomTree XRP Fund review was extended to October 24. The Canary PENGU ETF decision was delayed to October 12.

Under US securities law, the SEC typically has 180 days to decide on proposed exchange rule changes. The agency can add another 60 days to review comments or amendments before making final decisions.

Most pending applications cluster around fall deadlines, which could lead to multiple rulings in quick succession. The commission must decide how far to extend approvals beyond Bitcoin and Ethereum, which received approval last year.

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