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The SEC altcoin ETFs filing process hit another roadblock this week after the U.S. Securities and Exchange Commission postponed its decisions on Bitwise’s Dogecoin ETF and Grayscale’s Hedera ETF, extending their review deadlines to November 12, 2025.
This latest move underscores the regulator’s cautious stance as the backlog of pending crypto-related exchange-traded products (ETPs) continues to mount.
The SEC altcoin ETFs filing delays are becoming a familiar pattern. By pushing decisions as far as possible under statutory review timelines, the Commission has signaled its intent to tread carefully in approving new products tied to volatile digital assets.
On Tuesday, the SEC confirmed that it would extend its review of NYSE Arca’s application to list the Bitwise Dogecoin ETF, originally filed in March.
That same day, the agency also pushed back its timeline for Grayscale’s Hedera ETF, aligning both deadlines to mid-November.
These products are part of a wave of SEC altcoin ETFs filings that have surged in recent months as asset managers race to capture institutional demand for exposure beyond Bitcoin and Ethereum.
James Seyffart, ETF analyst at Bloomberg Intelligence, told clients:
“We now have at least 92 crypto-related ETF filings pending with the SEC, and the majority of them are altcoin-specific. Solana and Ripple are leading the pack, but Dogecoin and Hedera also show meaningful demand.”
The SEC altcoin ETFs filing backlog is ballooning. Alongside Dogecoin and Hedera, the Commission has already delayed reviews for Solana (SOL) and Ripple (XRP) ETFs.
According to Bloomberg, Solana leads institutional interest with eight separate filings, while Ripple follows closely with seven applications.
“The SEC is trying to balance investor protection with innovation,” said Todd Rosenbluth, Head of ETF Research at VettaFi.
“But every SEC altcoin ETFs filing delay adds uncertainty to the market. Fund issuers are frustrated, and investors are left waiting.”
Despite the delays, momentum for new products remains strong. On September 8, the SEC formally acknowledged the Canary Staked SEI ETF filing, officially kicking off the review period for what could become the first U.S.-listed SEI fund.
This addition underscores the steady stream of SEC altcoin ETFs filings even as the regulator slows down approvals.
Analysts say the ongoing interest demonstrates that institutions are eager to diversify beyond Bitcoin spot ETFs, which saw approval earlier this year.
Market participants now eye November 12 as a crucial date for the Bitwise Dogecoin and Grayscale Hedera ETFs.
Still, given the SEC’s history, further extensions or outright denials remain possible.
Industry lawyer Jake Chervinsky, Chief Policy Officer at the Blockchain Association, weighed in on X (formerly Twitter):
“The SEC is using every inch of its statutory review windows. Don’t expect fast approvals. The politics around crypto ETFs are complicated, and each SEC altcoin ETFs filing is being scrutinized at the highest levels.”
For issuers and investors, the stakes are high. Approval could unlock billions in institutional inflows, while prolonged delays may stall momentum for altcoins eager to break into mainstream portfolios.
The repeated SEC altcoin ETFs filing delays highlight the regulator’s cautious approach amid growing institutional appetite for diversified crypto exposure.
With nearly 100 filings pending and Bitwise and Grayscale now waiting until November, the road to approval looks long and uncertain.
But one thing is clear: The demand for altcoin ETFs is not going away. As Seyffart noted, “2025 could be the year the SEC is forced to make hard choices about altcoins. The backlog simply can’t grow forever.”
