The U.S. Securities and Exchange Commission (SEC) has deferred its decision regarding various proposed spot cryptocurrency exchange-traded funds (ETFs), as revealed in filings made available on Thursday.
The applications encompass ETFs that are designed to track the spot prices of Polkadot (DOT) and Hedera (HBAR), in addition to a dual-fund focusing on Bitcoin (BTC) and Ethereum (ETH).
The SEC now has until June 11 to render a decision on filings submitted by Nasdaq for the Canary HBAR ETF and for the transformation of Grayscale’s Polkadot Trust into an ETF.
Another application submitted by the New York Stock Exchange for Bitwise’s Bitcoin and Ethereum ETF has a decision deadline set for June 10.
Canary, Grayscale, and Bitwise Drive New Crypto ETF Initiatives
Canary Capital, Grayscale Investments, and Bitwise Asset Management are at the forefront of an expanding array of issuers seeking approval for crypto-focused ETFs.
Following the successful launch of spot Bitcoin and Ethereum ETFs last year, enthusiasm for the market has surged, resulting in a total of 72 crypto-related ETF proposals currently pending SEC approval.
Canary Capital has been notably active, recently filing for a Tron (TRX) ETF that features staking capabilities, as well as proposals for ETFs associated with Solana (SOL), PENGU, and Sui (SUI).
Grayscale has broadened its aspirations with proposed funds targeting Cardano, XRP, Dogecoin, Litecoin, and Avalanche. Meanwhile, Bitwise has submitted applications for ETFs linked to Dogecoin (DOGE) and Aptos (APT).
Entities from both the crypto sector and traditional financial institutions are vying to introduce products associated with crypto assets, derivatives, and blockchain-driven equities.
Bloomberg ETF analyst Eric Balchunas remarked on the surge of filings, predicting that 2025 will be an eventful year for crypto ETFs.
There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between. Gonna be a wild year. Great roundup from @JSeyff pic.twitter.com/IHTqqxeH35
— Eric Balchunas (@EricBalchunas) April 21, 2025
Currently, the Grayscale Bitcoin Trust (GBTC) has nearly $18 billion in assets under management (AUM), positioning it as the second-largest among the 11 spot Bitcoin ETFs that were approved last year.
Bitwise’s Bitcoin ETF has approximately $3.6 billion in AUM. Altogether, U.S. spot Bitcoin ETFs manage around $100 billion, earning a reputation as some of the fastest-growing ETFs in history.
In response to the news, Hedera experienced a 5% increase, while Polkadot saw gains of nearly 7% within the past 24 hours.
Shift in Leadership Indicates Possible SEC Reassessment of Crypto Regulations
The recent change in tone from the SEC under President Donald Trump suggests a larger initiative to reevaluate the agency’s regulatory framework surrounding digital assets.
Paul Atkins was inaugurated as Chairman of the SEC on Monday, marking a leadership transition that has been positively received by the digital asset community.
Under Atkins, the SEC has already withdrawn or postponed several significant enforcement actions against crypto entities.
This year, the agency dismissed lawsuits against Coinbase and Cumberland DRW, and a distinct investigation into Uniswap Labs was closed in February without any penalties enforced.
Most recently, the SEC concluded its investigation into CyberKongz, a notable Ethereum-based NFT and gaming venture, without initiating any enforcement actions, as confirmed by the team on Tuesday.
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