TLDR
- SEC Delays Grayscale Hedera and Bitwise DOGE ETFs to November 12, 2025
- Crypto ETF Bottleneck: SEC Pushes Hedera and Dogecoin Decisions to November
- Altcoin ETFs Face Roadblock as SEC Extends Grayscale, Bitwise Deadlines
- November Verdict Looms for Hedera and Dogecoin ETFs Amid SEC Delays
- SEC Extends Crypto ETF Review: Hedera and Dogecoin Await Green Light
The U.S. Securities and Exchange Commission (SEC) has extended the decision window for the Grayscale Hedera and Bitwise Dogecoin exchange-traded fund (ETF) applications. The new deadline for both applications is now November 12, 2025, marking a 60-day extension beyond the original review period. This move adds to the growing number of cryptocurrency ETF decisions delayed in 2025.
Grayscale Hedera ETF Awaits SEC Decision
Grayscale submitted a proposal to list and trade the Grayscale Hedera Trust ETF on February 28, 2025. The SEC published the proposal in the Federal Register on March 17, triggering the statutory review period. On June 12, the SEC initiated proceedings to determine whether to approve or disapprove the ETF.
The Commission determined that more time was required to evaluate the proposal thoroughly. Consequently, the agency exercised its authority to extend the review period by 60 days. The SEC will now issue a final decision on or before November 12.
Grayscale seeks to list its Hedera Trust under Nasdaq Rule 5711(d), which governs commodity-based trust shares. Approval would mark another significant step in bringing altcoin-based ETF products to national exchanges. However, the regulatory delay highlights continued caution over non-Bitcoin crypto ETFs.
Bitwise Dogecoin ETF Decision Also Pushed to November
The SEC postponed its decision on NYSE Arca’s proposal to list the Bitwise Dogecoin ETF. That application was also published on March 17, beginning the standard review timeline. Like the Hedera Trust, it now awaits final review by November 12.
The Commission’s delay comes amid a flood of new crypto-related ETF applications. Bitwise’s filing joins a long queue, as the SEC continues to evaluate each based on its regulatory framework. The decision delay underscores the agency’s ongoing review process for altcoin ETFs.
Bitwise aims to track the performance of Dogecoin, one of the most widely traded meme-based digital assets. Listing this ETF could broaden access to DOGE exposure through regulated markets. Yet, the SEC has not signaled any direction regarding approval.
Surge in Altcoin ETF Filings Triggers SEC Bottlenecks
In 2025, altcoin ETF applications have spiked, adding pressure on the SEC’s review timelines. As of August 29, the agency had 92 crypto-related ETF products under active consideration. These include filings for Solana, XRP, Litecoin, Avalanche, and BNB.
Grayscale and Bitwise are not alone in awaiting decisions. In August, the SEC also extended review periods for multiple altcoin and hybrid ETFs. The delays affected products like the 21Shares Solana ETF, Truth Social Bitcoin and Ethereum ETF, and WisdomTree XRP Fund.
Despite this congestion, Grayscale continues to expand its ETF ambitions. The firm recently filed to convert its Litecoin and Bitcoin Cash trusts into ETFs. Its success with converting the Grayscale Bitcoin Trust in 2024 has set a potential pathway for other products to follow.
