The U.S. Securities and Exchange Commission (SEC) has once again extended its review period for two anticipated cryptocurrency exchange-traded funds (ETFs): Bitwise’s Dogecoin ETF and Grayscale’s Hedera ETF. Both proposals now face a final decision deadline of November 12, 2025.
Background on the Proposals
Bitwise first filed for its Dogecoin ETF in March, with the application formally published on March 17. The firm is now waiting until November for the SEC’s ruling.
Grayscale’s Hedera ETF follows a similar timeline and is part of the company’s broader push to transform its closed-end crypto trusts into regulated ETFs. Grayscale set a precedent in 2024 by converting its Bitcoin Trust (GBTC) into a spot Bitcoin ETF, and it has since pursued similar conversions for its Bitcoin Cash and Litecoin products.
SEC’s Growing Backlog
The SEC is working through a record number of crypto ETF filings. By late August, regulators were reviewing 92 different products, including proposals tied to major altcoins such as Solana and XRP. Institutional demand appears strongest for these two, with Solana leading eight applications and XRP following with seven.
Instead of issuing quick approvals or rejections, the SEC has consistently used the maximum review periods allowed by law. In August, the agency postponed decisions on multiple applications, including Solana, XRP, and even a Truth Social ETF, pushing those reviews into October.
The synchronized November 12 deadline hints that the SEC may be preparing for a coordinated batch of decisions. Such a move could provide greater clarity and stability across the fast-growing altcoin ETF market.
Grayscale, with its proven ETF conversion model, is positioning itself to broaden investor access to regulated altcoin products. Meanwhile, the mounting queue of pending applications highlights both the industry’s accelerating interest and the regulatory challenges of keeping pace with it.
For now, the delays may frustrate some, but they also suggest the SEC is taking a deliberate approach amid an unprecedented wave of altcoin ETF proposals. Market participants are now watching November 12 closely, viewing it as a potential turning point for mainstream crypto ETF adoption.
