SEC Delays Decisions on Bitwise Dogecoin ETF and Grayscale Hedera ETF

In a move that has set the cryptocurrency world abuzz, the U.S. Securities and Exchange Commission (SEC) announced a delay in its decisions regarding two prominent exchange-traded funds (ETFs): the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. Both applications will remain under review until November 12, raising the stakes for investors and industry watchers alike.

Delayed Deadlines

On Tuesday, the SEC pushed back the deadline for NYSE Arca’s proposal to list the Bitwise Dogecoin ETF, which initially made headlines with its filing in March. The application was published in the Federal Register on March 17, triggering the statutory review period. Similarly, the SEC extended its review of Grayscale’s application for the Hedera ETF, setting the same November deadline for both proposals.

This delay isn’t just bureaucratic; it reflects the SEC’s ongoing caution and deliberation in a fast-evolving cryptocurrency market.

Grayscale’s Strategic Moves

Grayscale has been actively updating its filings related to its longstanding Litecoin and Bitcoin Cash trusts. The company seeks to transform these trusts into ETFs, a move designed to facilitate daily share creation and redemption. This transition would help align market prices more closely with net asset value, minimizing the steep premiums and discounts that are often observed in over-the-counter (OTC) trading.

Grayscale notably set a precedent in 2024 when it successfully converted the Grayscale Bitcoin Trust (GBTC) into the first U.S. spot Bitcoin ETF after a lengthy court battle with the SEC. Following this success, the firm is now looking to replicate that model for both Bitcoin Cash (BCH) and Litecoin (LTC).

The Surge in Altcoin ETF Applications

The SEC’s delays highlight a broader trend in the financial landscape: a surge in altcoin ETF applications. As of July 31, 2025, at least 31 spot ETF applications for cryptocurrencies had been filed, encompassing major names like XRP, Dogecoin, Solana, and Avalanche. By August 29, this number had ballooned to 92 crypto-related ETF products waiting for SEC decisions.

This growing backlog indicates an increasing interest from institutional investors, particularly towards altcoins such as Solana (SOL) and XRP. With eight applications for Solana and seven for XRP already in line, the appetite for altcoin ETFs is clearly strong.

SEC’s Conservative Stance

Historically, the SEC has opted to exhaust the full length of its review periods. Rather than racing towards early approvals or rejections, the agency has repeatedly extended deadlines, a trend that has been evident with multiple recent applications. In August alone, the SEC postponed several filings, including those from NYSE Arca and 21Shares, demonstrating a methodical approach to reviewing ETF applications in a landscape fraught with volatility and complexity.

For instance, NYSE Arca’s proposals for the Truth Social Bitcoin and Ethereum ETF were delayed until October 8, while the 21Shares and Bitwise Solana ETFs saw their deadlines extended to October 16. These repeated postponements underscore the SEC’s cautious approach and its focus on thoroughly evaluating the myriad risks associated with cryptocurrency investments.

The Landscape Ahead

As we look forward to the SEC’s decisions in November, the ongoing saga of cryptocurrency ETFs underscores the uncertainty facing altcoins in particular. The potential approval of these ETFs could significantly impact market dynamics, increasing accessibility for retail investors and potentially stabilizing price fluctuations.

Furthermore, the shifts in regulatory stance by agencies like the SEC create an environment ripe for speculation. As the market awaits the outcomes, discussions around regulatory frameworks and investor protections are likely to intensify.

This unfolding narrative is not just about the future of specific cryptocurrencies or funds but about how regulatory bodies adapt to an ever-changing technological landscape, shaping the future of finance in profound ways.