The US Securities and Exchange Commission (SEC) deferred decisions on the Bitwise Dogecoin ETF and Grayscale Hedera ETF, as per Cointelegraph. Both are on hold until November 12, extending the time initially set for consideration and delaying potential market listings for these altcoin ETFs.
— Cointelegraph (@Cointelegraph) September 10, 2025
TODAY: The SEC delays decision on Bitwise Dogecoin ETF and Grayscale Hedera ETF, with new deadline set for November 12. pic.twitter.com/DVPxROplTH
SEC has postponed the deadline for reviewing application of Bitwise Dogecoin ETF on the NYSE Arca. Initially filed in March, and hit the statutory review period on March 17. On the same day, the SEC aligned the deadline for Grayscale’s Hedera Honor ETF, allowing for simultaneous review timetables for various crypto applications.
Grayscale has also filed renewed applications for its Litecoin and Bitcoin Cash trusts. It aims to convert them into exchange-traded funds (ETFs), where shares can be redeemed and created daily. It will thereby synchronize market prices with net asset value and eliminate premiums and discounts in over-the-counter transactions.
Grayscale’s conversion strategy follows the success of the Bitcoin Trust in 2024. After a series of legal challenges, GBTC was the first US spot Bitcoin ETF. Grayscale is currently trying to do the same for Litecoin (LTC) and Bitcoin Cash (BCH), aiming to offer regulated altcoin ETFs to institutional and retail investors.
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SEC’s delays indicate altcoin ETF approvals uncertainty amidst a 2025 spurt in applications. At least 31 altcoin spot-ETF applications were filed until July 31, covering XRP, Dogecoin, Solana, Litecoin, Avalanche, and BNB. Such filings are a reflection of higher institutional interest in altcoin exposure.
On August 29, 92 crypto-related ETF products were waiting for SEC rulings. Greatest attention was devoted to SOL (Solana) and XRP, for which eight and seven applications were made, respectively. Such activity is a result of institutional investors who believe in regulated crypto investment products and are pushing the SEC to seriously probable market risks and investor protection mechanisms.
The SEC often uses the full review duration, extending deadlines instead of issuing early approvals. Several filings were delayed in August, for example, the NYSE Arca’s Truth Social Bitcoin and Ethereum ETF got the postponement to October 8, 21Shares and Bitwise Solana ETFs to October 16, and 21Shares Core XRP Trust to October 19.
On August 25, more postponements were announced. One of them was a decision by the agency to delay the approval of the WisdomTree XRP Fund, managed by Cboe BZX, until October 24, and another was the extension of the Canary PENGU ETF until October 12. These extensions are indicative of a cautious approach, balancing the crypto ETF innovation with regulation, investor protection, and market stability observation.
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