The SEC delays Bitwise and Grayscale crypto ETFs

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decisions regarding two highly anticipated crypto ETFs. The Bitwise Dogecoin and Grayscale Hedera ETFs will have to wait until November 12 to learn their fate.

The SEC delays its decision on crypto ETFs until November

The SEC announced Tuesday a new delay regarding two flagship files: the Bitwise Dogecoin ETF, whose application was submitted by NYSE Arca in March, and the Grayscale Hedera ETF.

Both financial products are now aligned on the same November 12 deadline, signaling the Commission’s intent to synchronize its review processes.

This delay occurs amid an unprecedented backlog. As of August 29, no fewer than 92 crypto ETF applications remained pending. 

Among them, Solana leads with eight proposals, closely followed by XRP with seven. This concentration illustrates the growing interest of institutional investors in altcoins, eager to diversify their exposure beyond Bitcoin and Ethereum.

On its side, Grayscale advances with a strong asset: the GBTC experience. In 2024, the company made history by converting its Bitcoin trust into the first U.S. spot ETF, after a legal battle with the SEC.

Buoyed by this success, it now seeks to replicate this model with Bitcoin Cash and Litecoin, transforming its existing trusts into listed ETFs.

The stakes are considerable: these conversions would allow daily creations and redemptions, eliminating sometimes significant premiums and discounts observed in over-the-counter markets. A major competitive advantage that could attract institutional investors.

A pause masking a shift in regulatory paradigm

The SEC’s repeated recourse to maximum extensions does not necessarily indicate hostility. This practice may rather reflect a methodical strategy aimed at reviewing several files in parallel to avoid any rushed decision.

In August already, the agency had postponed several major crypto ETF applications: Truth Social Bitcoin and Ethereum to October 8, 21Shares and Bitwise Solana to October 16, as well as the 21Shares Core XRP Trust to October 19. 

These delays, aligned on close deadlines, suggest the SEC seeks to handle approvals in coordinated waves to limit an uncontrollable domino effect on the markets.

The regulatory context has indeed changed profoundly. Since April, the chairmanship of the SEC has been assured by Paul Atkins, who succeeded Gary Gensler. This transition marks a major turning point, with a stance considered more conciliatory towards digital assets and more open to dialogue with the industry.

Positive signals are multiplying. In June, Bloomberg analysts Eric Balchunas and James Seyffart raised to 90% the probability of approval of spot ETFs for XRP, Dogecoin, and Cardano by the end of the year. 

A spectacular reassessment illustrating not only a shift in institutional posture but also the anticipation of a historic tipping point for altcoins.

A race against time before the autumn deadlines

Autumn 2025 promises to be a pivotal moment for the American crypto ecosystem. In the first half alone, 31 altcoin ETF applications were submitted, covering major assets such as Solana, Avalanche, and BNB. 

The SEC now faces an unprecedented logistical challenge, with a saturated calendar and growing institutional pressure.

However, the challenge goes far beyond the simple technical approval of new financial products. What is at stake is the establishment of a coherent and sustainable regulatory framework, capable of integrating altcoins into the architecture of the American market for years to come.

The successive delays decided by the SEC thus appear less as blockages and more as signs of methodical preparation. Rather than acting hastily, the agency seems to want to orchestrate a smooth transition, avoiding excessive volatility while testing the robustness of the files.

In short, as November approaches, investors are watching for a verdict that could mark a historic turning point: the opening of the crypto ETF market to altcoins. If realized, this step could trigger strong shocks in the markets and, why not, spark the long-awaited “Altseason”.