The SEC has delayed its decisions on Bitwise and Grayscale crypto ETFs until November 12, with over 90 applications still awaiting review.
The SEC has just delayed Bitwise and Grayscale’s crypto ETFs once again, with November 12 as the new deadline for both reviews.
The agency’s decision covers NYSE Arca’s application to list the Bitwise Dogecoin ETF and Grayscale’s proposal for a Hedera ETF.
The Background Of This Filing
The Bitwise Dogecoin ETF filing dates back to earlier this year, in March. It was first scheduled for review in June, but the SEC opened formal proceedings that added 180 days.
The period was due to expire in September before the commission granted an additional 60-day extension.
🇺🇸 TODAY: The SEC has pushed back its decision on the Bitwise $Doge ETF and Grayscale Hedera ETF, setting a new deadline of November 12. pic.twitter.com/S6lTI2Eksd
— Shield (@Shieldmetax) September 10, 2025
Grayscale’s Hedera ETF application now shares the same timeline. The firm hopes to repeat its earlier success when it converted the Grayscale Bitcoin Trust into the first U.S. spot Bitcoin ETF after winning a court battle last year.
Why the SEC is Taking Longer
The SEC explained that it needs more time to review the filings and examine public comments.
Some of the concerns it raised include volatility, liquidity and price manipulation in Dogecoin trading.
Similar issues were debated during Grayscale’s earlier Dogecoin ETF proposal.
The agency has often chosen to use the maximum review periods for crypto products. Because of this, instead of granting early approvals, it has repeatedly extended deadlines. This cautious approach has been true for nearly every crypto ETF considered so far.
The Rise of Altcoin ETF Applications
The crypto ETF pile has become crowded, especially this year.
By the end of July, at least 31 altcoin ETF applications had been filed for assets like XRP, Solana, Litecoin, Avalanche and BNB.
By late August, the SEC was reviewing more than 90 crypto-related ETF proposals. Solana and XRP led in popularity among institutions, with eight and seven applications, respectively.
Bitwise Promotes Dogecoin as ETF-ready.
Bitwise has positioned Dogecoin as a strong candidate for an ETF. The company argues that DOGE has deep liquidity, high trading volume and a large user community. It says that these factors make the memecoin ready for regulated market access.
🚨 JUST IN: SEC Delays Bitwise Spot Dogecoin ETF pic.twitter.com/0M8fV2WXhZ
— Crypto Briefing (@Crypto_Briefing) September 9, 2025
A Dogecoin ETF would allow investors to gain exposure to the token without managing wallets or private keys. Instead, they would buy and sell shares on a traditional stock exchange, similar to how stock ETFs work.
Bitwise also markets the Dogecoin ETF as a community-driven asset. The company believes that regulated access to DOGE could expand investor choice and bring meme coins closer to mainstream finance.
Grayscale Builds on Past ETF Success
Grayscale is using its earlier achievements to strengthen its new filings. After converting GBTC into a spot Bitcoin ETF, the company is now seeking to transition its Litecoin and Bitcoin Cash trusts into ETFs.
Converting these products onto national exchanges would allow daily share creations and redemptions.
This move would prevent the sharp discounts and premiums, which are often seen in over-the-counter trading.
Such improvements could make Grayscale products more appealing to institutional investors who want exposure to digital assets.
