The US Securities and Exchange Commission (SEC) has once again delayed its decisions on two prominent cryptocurrency exchange-traded funds (ETFs)—the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. Both applications will remain under review until November 12, 2025, as the regulatory body continues to evaluate a growing number of cryptocurrency-related ETF proposals.
Details on the SEC’s Latest Extensions
The Bitwise Dogecoin ETF application, initially filed in March 2025, has faced a lengthy review period. The SEC delayed its decision on Tuesday, marking yet another extension for the proposal, which would see Dogecoin achieve broader investment availability for institutional and retail investors alike.
Similarly, Grayscale has encountered delays in its efforts to list the Hedera ETF on a national exchange. Grayscale’s updated filings aim to convert its Litecoin and Bitcoin Cash trusts into ETFs, following the successful precedent it set in 2024 by converting the Grayscale Bitcoin Trust (GBTC) into the first U.S. spot Bitcoin ETF after a legal victory over the SEC. If successful, these moves will significantly improve liquidity for Litecoin (LTC) and Bitcoin Cash (BCH) by maintaining tighter price spreads and reducing premiums and discounts seen in over-the-counter (OTC) trading.
The Growing Backlog of Altcoin ETF Applications
The SEC is facing a surge of altcoin ETF applications in 2025, creating significant delays. As of August 29, the regulatory agency had 92 crypto-related ETF proposals pending. Notable applications include products tied to Solana (SOL), Ripple’s XRP, and Avalanche, showing strong institutional demand for these altcoins.
Solana alone has eight ETF applications under review, and Ripple boasts seven. This spike in institutional interest underscores the evolving acceptance of cryptocurrency within traditional finance, yet the SEC has employed its full review periods for most filings, preferring extensions over swift decisions. This trend is evident in the recent postponements of the 21Shares and Bitwise Solana ETFs and the 21Shares Core XRP Trust.
What This Means for Investors
Crypto investors and enthusiasts are keeping an eye on the SEC’s ultimate decisions, as these ETFs could dramatically enhance the accessibility and mainstream adoption of altcoins. The backlog suggests that the SEC is treading carefully, with an emphasis on ensuring compliance with regulatory standards.
For those wanting to diversify their crypto investments, it’s worth staying informed about these developments. Additionally, consider protecting your portfolio with tools like the Ledger Nano X cryptocurrency hardware wallet, which maintains your digital assets securely offline.
What’s Next?
From Dogecoin to Solana and XRP, the outcome of these ETF applications will lay the foundation for how cryptocurrencies integrate with traditional financial systems. While delays have been frustrating for applicants and investors, they also signify the increasing attention regulators are devoting to cryptocurrencies—a clear indicator of the industry’s growing influence in the global economy.
