- SEC extends reviews of Grayscale Hedera and Bitwise Dogecoin ETFs, delaying final decisions to November 12, 2025.
- Grayscale files to convert Bitcoin Cash and Litecoin trusts into ETFs on NYSE Arca, with Coinbase as custodian.
- Over 90 crypto ETF filings await SEC review, with Solana and XRP drawing strong institutional interest this fall.
The U.S. Securities and Exchange Commission (SEC) has postponed decisions on two crypto ETF applications, pushing the deadline to November 12, 2025. The agency extended its review of Nasdaq’s proposal to list the Grayscale Hedera Trust, alongside NYSE Arca’s application for the Bitwise Dogecoin ETF. Both filings remain under evaluation as the SEC continues to use the maximum review period allowed under federal securities law.
Grayscale Expands Filings
On the same day, Grayscale submitted updated registration statements for its Bitcoin Cash and Litecoin trusts. These vehicles, already reporting to the SEC, were filed on Form S-3, seeking conversion into ETFs.
Bank of New York Mellon was named as administrator, while Coinbase will serve as custodian and prime broker. Both funds are designed for listing on NYSE Arca, enabling daily share creations and redemptions.
Separately, Grayscale filed a Form S-1 for its Hedera Trust, which would trade under the ticker HBAR if approved. This marks the trust’s initial registration with the SEC. The filing comes as Grayscale attempts to replicate its earlier success with the conversion of the Grayscale Bitcoin Trust into a spot ETF in 2024 following a court decision.
Growing Backlog of Crypto ETF Applications
The agency’s decision to delay is consistent with its recent handling of altcoin ETF proposals. According to SEC records, over 90 crypto related ETF products awaited review by the end of August.
At least 31 of those applications were submitted in the first half of 2025, covering assets such as Solana, XRP, Avalanche, and BNB. In August, the SEC postponed multiple filings, including the 21Shares and Bitwise Solana ETFs to October 16, and the 21Shares Core XRP Trust to October 19.
It also extended deadlines for the WisdomTree XRP Fund and the Canary PENGU ETF to later in October. These extensions highlight the Commission’s repeated choice to take the full review period.
Market Impact and Institutional Interest
As more deadlines approach, several applications are clustered for decisions this fall. Solana and XRP have had high institutional interest, with eight and seven applications filed respectively.
Sources like Lionel Iruk of Empire Legal emphasized that ETF structures provide compliance, custody, and transparency frameworks attractive to institutional investors. The surge of filings, alongside the SEC’s cautious extensions, shows the scale of pending decisions awaiting resolution before year’s end.
