Altcoin ETF approvals pushed to November amid rising wave of applications
The U.S. Securities and Exchange Commission (SEC) has once again extended its review of proposed crypto exchange-traded funds (ETFs), this time delaying decisions on the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. Both applications will remain under review until November 12, according to filings published this week.
The decision pushes back timelines for investors hoping to see greater diversification of crypto ETFs beyond Bitcoin and Ethereum, which launched successfully last year.
Bitwise and Grayscale ETF applications face delays
The Bitwise Dogecoin ETF, filed in March with NYSE Arca, has been under statutory review since March 17. On the same day, the SEC also extended its review of Grayscale’s Hedera ETF application, aligning both decisions with the November deadline.
Grayscale is simultaneously updating its long-standing Litecoin and Bitcoin Cash trusts, seeking to convert them into ETFs. Moving these products onto national exchanges would allow daily share creations and redemptions, helping reduce the steep premiums and discounts often seen in over-the-counter (OTC) trading.
“The SEC is signaling caution with altcoin ETFs, preferring to take the maximum review period instead of rushing into approvals,” noted BITX industry analyst, pointing to the regulator’s methodical approach.
A growing backlog of altcoin ETF applications
The SEC is currently facing an unprecedented surge in altcoin ETF filings. By the end of July 2025, at least 31 spot ETF applications for cryptocurrencies such as XRP, Solana, Litecoin, Avalanche, Dogecoin, and BNB had been submitted. By late August, that number grew to 92 crypto-related ETF proposals awaiting decisions.
Institutional demand appears strongest for Solana and XRP, with multiple applications already lined up. However, in nearly every case, the SEC has opted to extend review deadlines rather than issue early approvals or rejections.
While Bitcoin and Ethereum ETFs set historic precedents, the expansion into altcoin ETFs remains uncertain. The SEC’s cautious stance suggests that regulatory clarity for smaller crypto assets could take longer than many expected.
For now, investors tracking the progress of Dogecoin, Hedera, and other altcoin ETFs will need to wait until November 12 for the next round of decisions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.