TLDR
- SEC postponed Bitwise Dogecoin ETF and Grayscale Hedera ETF decisions to November 12, 2025
- Grayscale submitted updated Bitcoin Cash and Litecoin ETF conversion filings
- More than 90 crypto ETF applications currently pending SEC approval
- Agency consistently extends review deadlines rather than early decisions
- Solana leads with 8 applications, XRP has 7 pending products
The Securities and Exchange Commission extended review timelines for key cryptocurrency ETF applications, setting November 12 as the new decision date for both Bitwise’s Dogecoin ETF and Grayscale’s Hedera Trust.
The Dogecoin ETF application, originally filed by Bitwise in March, would trade on NYSE Arca if approved. The proposal began its statutory review period after publication in the Federal Register on March 17.
Grayscale’s Hedera Trust application seeks to create a new product trading under ticker HBAR. The approval depends on Nasdaq’s pending rule change request to permit listing.
The same day as these delays, Grayscale filed updated registration statements for its Bitcoin Cash Trust and Litecoin Trust. Both products aim to convert from their current trust structures to ETF format.
Trust-to-ETF Conversion Strategy
Grayscale’s conversion strategy mirrors its successful 2024 Bitcoin Trust transformation. The company converted GBTC into the first US spot Bitcoin ETF after a legal battle with regulators.
Converting trusts to ETFs allows daily share creation and redemption. This mechanism keeps trading prices closer to net asset value and reduces the large premiums or discounts common in over-the-counter trading.
The updated Bitcoin Cash and Litecoin filings designate Bank of New York Mellon as administrator. Coinbase will serve as both custodian and prime broker for the proposed ETF products.
Mounting Application Pressure
The crypto ETF application surge continues building pressure on SEC reviewers. At least 31 altcoin ETF applications were submitted in the first six months of 2025.
Applications span major cryptocurrencies including XRP, Solana, Avalanche, and BNB. By August 29, over 90 crypto-related ETF products awaited SEC decisions.
Institutional interest appears strongest for Solana, with eight separate applications under review. XRP ranks second with seven pending applications from various fund managers.
The SEC has adopted a pattern of using full review periods for crypto ETF applications. Rather than early approvals or rejections, the agency consistently extends deadlines to maximum allowed timeframes.
Extended Review Timeline
August brought multiple crypto ETF deadline extensions. The Truth Social Bitcoin and Ethereum ETF received postponement to October 8.
Solana ETF applications from 21Shares and Bitwise moved to October 16. The 21Shares Core XRP Trust deadline shifted to October 19.
Additional delays included the WisdomTree XRP Fund to October 24 and Canary PENGU ETF to October 12.
US securities law typically grants the SEC 180 days for exchange rule change decisions. The agency can add another 60 days for additional comment review or amendment consideration.
Most pending applications cluster around fall 2025 deadlines. This timing could produce multiple rapid-fire decisions as the commission determines how far crypto ETF approvals will extend beyond existing Bitcoin and Ethereum products.
The November 12 deadline for Dogecoin and Hedera applications represents the latest in the SEC’s methodical approach to crypto ETF review processes.
