The regulatory body overseeing securities in the United States, the SEC, has opted to prolong its evaluation process for two proposed exchange-traded funds (ETFs): the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. Both applications will remain under scrutiny until at least November 12.
The SEC announced on Tuesday that it was extending the decision timeline concerning the NYSE Arca’s request to list a Dogecoin-based ETF offered by Bitwise. Bitwise initially submitted the required paperwork back in March, and this submission was formally acknowledged in the Federal Register on March 17, thereby initiating the official review period.
On that same day, the SEC also announced that it was extending the review period for Grayscale’s application to introduce an ETF linked to the Hedera cryptocurrency. The regulatory agency has slated November 12 as the date for either approving or rejecting this application.
Grayscale has recently updated its filings concerning its existing Litecoin and Bitcoin Cash trusts, signaling a move to transition these from traditional trust structures into ETFs. Such a conversion to a national exchange platform would enable the creation and redemption of shares on a daily basis. This would likely align the market price of these assets more closely with their underlying net asset value, mitigating the substantial premiums and discounts currently observed in over-the-counter (OTC) trading environments.
Grayscale set a notable precedent in 2024 by successfully converting its Grayscale Bitcoin Trust (GBTC) into the very first spot Bitcoin ETF in the United States, following a legal challenge with the SEC. The firm is now aiming to replicate this model for both Bitcoin Cash (BCH) and Litecoin (LTC).
Related: What potential price surge could Dogecoin experience upon ETF approval?
SEC Delays Reflect Uncertainty Surrounding Altcoin ETFs
The influx of various altcoin ETF applications submitted during 2025 has resulted in a growing backlog of cases for the SEC to address.
Reports indicate that as of July 31, at least 31 separate applications for spot ETFs linked to altcoins were filed during the initial six months of 2025. These proposals encompassed various cryptocurrencies, including XRP, Dogecoin, Solana, Litecoin, Avalanche, and BNB.
Information collected by August 29 suggests that as many as 92 exchange-traded products with connections to the cryptocurrency sector are currently awaiting decisions from the SEC. Industry observers note particularly strong institutional interest in Solana (SOL), for which eight ETF applications are pending, and XRP, which has seven applications under consideration.
In a majority of instances, the SEC appears to be utilizing the full extent of the allocated review periods, consistently extending the deadline dates for decisions rather than issuing swift approvals or rejections.
Earlier in August, the SEC announced postponements for several crypto ETF proposals, including the Truth Social Bitcoin and Ethereum ETF submitted by NYSE Arca (new deadline: Oct. 8), the 21Shares and Bitwise Solana ETFs (new deadline: Oct. 16), and the 21Shares Core XRP Trust (new deadline: Oct. 19).
On August 25, the agency also extended its evaluation of Cboe BZX’s application for the WisdomTree XRP Fund, pushing the deadline to October 24. Additionally, on the same date, the SEC deferred its decision regarding the Canary PENGU ETF, setting the new deadline as October 12.
Insight: The SEC’s Shifting Stance on Crypto Raises Critical Questions