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The U.S. Securities and Exchange Commission (SEC) has once again delayed decisions on cryptocurrency exchange-traded fund (ETF) proposals, extending its review period for two major altcoin products: the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. Both are now under review until November 12, 2025, as regulators continue to handle a growing number of ETF filings.
This extension highlights the cautious approach the SEC is taking amid rising interest from institutions seeking exposure to altcoins. It also adds to the uncertainty for investors and fund managers awaiting approvals.
Growing Backlog of Altcoin ETF Applications
The SEC’s decision to push back these filings reflects the regulator’s ongoing effort to manage a mounting backlog. As of late August, 92 crypto-related ETF products were awaiting rulings. The surge in applications comes as investors increasingly look for regulated alternatives to spot cryptocurrencies, with a significant number of proposals filed in the first half of 2025.
Among the altcoins seeking ETF approval are popular names such as XRP, Dogecoin, Solana, Litecoin, Avalanche, and BNB. Institutional demand is fueling filings across exchanges, with Solana and XRP leading the pack with eight and seven active applications respectively.
Grayscale’s Expansion Strategy
Grayscale, a prominent digital asset manager, has been at the forefront of expanding its ETF lineup. The firm made headlines in 2024 when it converted its Bitcoin Trust (GBTC) into the first U.S. spot Bitcoin ETF after years of litigation. It is now attempting to replicate that success by filing to transform its Litecoin and Bitcoin Cash trusts into exchange-traded products.
The move is aimed at providing investors with more accessible, liquid trading options that are listed on national exchanges. This shift allows for daily share creations and redemptions, reducing the premiums and discounts that are common in over-the-counter trading.
The SEC’s Pattern of Deadline Extensions
Rather than issuing prompt approvals or denials, the SEC has consistently opted to extend its review timelines. In August 2025 alone, it delayed several ETF proposals, including:
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Truth Social Bitcoin and Ethereum ETF to October 8
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21Shares and Bitwise Solana ETFs to October 16
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21Shares Core XRP Trust to October 19
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WisdomTree XRP Fund to October 24
These extensions show that while demand is strong, the regulatory environment remains cautious and slow-moving.
What This Means for Investors
For investors, the SEC’s delays add another layer of uncertainty to the growing altcoin market. While the approval of altcoin ETFs could open doors to wider institutional participation, the timeline remains unclear. Those seeking regulated crypto exposure must be prepared for a lengthy process and evolving rules.
At the same time, Grayscale’s efforts and similar filings indicate that firms are not backing down. With investor appetite for crypto assets remaining high, pressure on regulators to act will likely continue.
Looking Forward
The SEC’s handling of altcoin ETFs, including the recent delays for Dogecoin and Hedera, underscores the balancing act between encouraging innovation and ensuring market stability. As more products enter the pipeline, the agency’s decisions will have a significant impact on how cryptocurrencies are integrated into traditional financial markets.
For now, the clock is ticking toward the November 12 review deadline, but with over 90 crypto products pending, investors may need to adjust their expectations as approval timelines stretch into next year.
