The U.S. Securities and Exchange Commission (SEC) has delayed decisions on Grayscale's filings to convert its Bitcoin Cash, Hedera, and Litecoin trusts into ETFs. These extensions reflect the regulator's cautious stance toward altcoin ETFs.
Deadline Extensions to November
According to a published order, the SEC proposed November 12, 2025, as the new deadline for the Nasdaq proposal to list the Grayscale Hedera Trust. Grayscale will file updated registrations for its Bitcoin Cash and Litecoin trusts on Form S-3.
Growing Backlog of ETF Applications
The SEC has consistently used its authority to extend decision periods, which has become common in 2025. As of August 29, at least 92 crypto-related ETF products awaited decisions.
ETF Conversions to Reduce Market Frictions
Grayscale’s decision to update its Bitcoin Cash and Litecoin filings follows its earlier success in converting the Grayscale Bitcoin Trust into the first U.S. spot Bitcoin ETF, a move designed to ensure daily share creations and redemptions.
The SEC's delays in approving altcoin ETFs highlight the challenges of regulating the crypto industry in 2025, creating uncertainty and raising expectations for upcoming decisions.
