SEC Delays Ignite 3 Bold Grayscale ETF Moves for Altcoins

Regulatory foot-dragging sparks aggressive crypto pivot—Grayscale's making power moves while the SEC plays paperwork bingo.

Three strategic shifts are reshaping the altcoin landscape. First: Diversification beyond Bitcoin—Ethereum, Solana, and Cardano ETFs now lead the charge. Second: Institutional gateways widening—pension funds and hedge funds finally get clean crypto exposure. Third: Regulatory arbitrage—because why wait for permission when you can build momentum?

Wall Street's watching—traditional finance suddenly cares about 'decentralization' when there's profit involved. The delay tactic backfired, unleashing billions into altcoins instead of containing them. Grayscale's playing chess while regulators check emails.

This isn't just about ETFs—it's about forcing the future while bureaucrats debate the past. The market's voting with its wallet, and the SEC's still reading the instruction manual.

• The SEC postponed its decision on Grayscale’s Hedera ETF and Bitwise’s Dogecoin ETF to November 12, 2025.
• Grayscale filed to convert its Bitcoin Cash (BCH) Trust and Litecoin (LTC) Trust into ETFs, alongside a new Hedera ETF registration.
• Over 90 crypto ETF applications are pending with the SEC, including for Solana, XRP, Avalanche, and BNB.
• The SEC continues to use the full review period, extending deadlines rather than issuing early approvals or rejections.

The U.S. Securities and Exchange Commission (SEC) has again postponed key rulings on the fast-developing altcoin exchange-traded fund (ETF) space. The agency has postponed the deadline for making determinations on both the Bitwise Dogecoin ETF and Grayscale’s highly awaited Hedera (HBAR) ETF to November 12, 2025, according to an order on Grayscale’s Hedera Trust published Tuesday.

Nasdaq filed with the commission on February 28, 2025, a proposed rule change to list and trade shares of the Grayscale Hedera Trust (HBAR) as commodity-based trust shares as per Nasdaq Rule 5711.

Grayscale Expands Beyond Bitcoin and Ethereum

Meanwhile, Grayscale is urgently expanding its ETF plans. On September 9, the company submitted new SEC registration forms to transform its Bitcoin Cash (BCH) Trust and Litecoin (LTC) Trust into ETFs, along with an inaugural S-1 registration for an additional Hedera ETF. As was the case with previous filings, Bank of New York Mellon is likely to be given the administrator role for these funds, with Coinbase to provide custody and prime brokerage services.

Grayscale’s move builds on the model it pioneered in 2024, when it successfully converted its Bitcoin Trust (GBTC) and ethereum Trust into the first U.S. spot Bitcoin and spot Ethereum ETFs after a prolonged legal battle with the commission.

Their conversion process, particularly in the case of BCH and LTC, WOULD facilitate the daily issuance and redemption of shares, which would eliminate premiums and discounts that are standard in over-the-counter (OTC) trading.

Over 90 Crypto ETF Applications Await Review

These are against the backdrop of increasing delays in crypto-based ETF applications. Over 90 such funds, including altcoins such as Solana, XRP, Avalanche, and BNB, await SEC decisions as of the end of August. Significantly, in the first half of 2025 alone, at least 31 altcoin ETF applications were filed, highlighting increasing institutional appetite for regulated exposure to cryptocurrencies.

The SEC’s continued pattern is to use the full allowed review window, often opting for deadline extensions rather than issuing early approvals or rejections. Several other altcoin ETF applications, including Solana, XRP, Truth Social BTC/ETH ETFs, have already been delayed to October or November.

Grayscale’s filings and the SEC’s delays together illustrate a cautious yet dynamic regulatory landscape: asset managers are pushing forward, but significant regulatory headwinds remain.