The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale’s Hedera Trust, now setting November 12, 2025, as the new review deadline. This delay comes amid a surge of pending crypto exchange-traded fund (ETF) applications, including products tied to Solana and XRP.
Grayscale’s Hedera Trust would trade under the ticker HBAR, contingent on Nasdaq’s pending rule-change request to list the asset. The SEC’s action reflects its standard review process, which allows 180 days for a proposed exchange rule change and an additional 60-day extension for further review of comments or amended filings.
Updates to Bitcoin Cash and Litecoin Trusts
Alongside the Hedera filing, Grayscale submitted updated registration statements for its Bitcoin Cash (BCH) Trust and Litecoin (LTC) Trust, both structured to list on NYSE Arca. These filings were submitted on Form S-3, confirming that they are existing vehicles already reporting to the SEC.
For both trusts, Bank of New York Mellon is listed as the administrator, while Coinbase will act as custodian and prime broker. This structure ensures regulatory compliance and provides institutional investors with trusted custody and operational support for these digital assets.
Part of a Growing Wave of Crypto ETF Applications
The Hedera delay fits into a broader trend of ETF review extensions by the SEC. Earlier in August, the Commission extended the deadlines for Solana ETF applications, including filings from Bitwise and 21Shares, as well as proposals from Canary Funds and Marinade Finance, pushing review timelines into mid-October.
Currently, the SEC has over 90 pending crypto ETF applications covering a range of digital assets, including Bitcoin, Ethereum, Solana, and XRP. Many of these filings are clustered around fall 2025, which could result in multiple decisions being issued in quick succession.
Why ETF Approvals Matter for Crypto Markets
According to Lionel Iruk, managing partner at Empire Legal, assets tied to near-term ETF decisions often command a premium in the market. ETF structures offer more than just liquidity; they provide a compliance, custody, and transparency framework that institutional investors typically require before participating.
“ETFs amplify the appeal of digital assets beyond the crypto-native audience,” Iruk said. “They transition the market from speculative enthusiasm to structured, regulated offerings that meet institutional standards.” This means that pending approvals for Grayscale’s trusts and other ETF filings could significantly impact trading activity and investor sentiment.
Market Implications of Grayscale’s Filings
Grayscale’s new filings indicate an ongoing strategy to expand regulated access to multiple digital assets. The Hedera Trust, if approved, would provide investors with a secure and compliant route to gain exposure to HBAR, complementing the firm’s existing Bitcoin Cash and Litecoin offerings.
By updating the BCH and LTC filings, Grayscale ensures that these trusts remain current with SEC regulations and prepared for potential listing and trading expansions. Such diligence is crucial for maintaining investor confidence in a highly regulated U.S. market.
Broader Context of SEC Oversight
The SEC has historically exercised caution regarding crypto ETFs, approving Bitcoin and Ethereum-based products first in 2021 and 2022. Decisions for newer assets often involve extensive evaluation of custody mechanisms, market liquidity, and risk management practices.
Grayscale’s filings reflect the firm’s efforts to meet these rigorous standards. The company’s compliance with SEC requirements, including clear administration and custody arrangements, positions its products favorably for eventual approval once the regulatory review concludes.
Looking Ahead for Investors
With the November 12 deadline approaching, investors are closely monitoring the SEC’s action on the Hedera Trust. Combined with ongoing updates to Bitcoin Cash and Litecoin filings, these developments illustrate the growing intersection between institutional frameworks and digital assets.
Pending ETF approvals have the potential to enhance market participation, increase liquidity, and legitimize digital assets for mainstream investors. For Grayscale, these filings underscore its role as a key player in bringing regulated crypto investment options to the U.S. market.
Post Views: 81
