Applications include ETFs that track the spot prices of Polkadot (DOT) and Hedera (HBAR), as well as a dual crypto fund focused on Bitcoin (BTC) and Ethereum (ETH).
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on several proposed cryptocurrency spot exchange-traded funds (ETFs), according to filings released Thursday.
The applications include ETFs tracking the spot prices of Polkadot (DOT) and Hedera (HBAR), as well as a dual crypto fund focused on Bitcoin (BTC) and Ethereum (ETH).
The SEC now has until June 11 to decide on Nasdaq’s applications for the Canary HBAR ETF and the conversion of Grayscale’s Polkadot Trust into an ETF.
A separate application from the New York Stock Exchange for Bitwise‘s Bitcoin and Ethereum ETF must be decided by June 10.
Canary, Grayscale, and Bitwise Lead Wave of New Crypto ETF Applications
Canary Capital, Grayscale Investments, and Bitwise Asset Management are among a growing list of issuers pushing for crypto ETFs.
Following the success of the Bitcoin and Ethereum ETFs launched last year, enthusiasm has skyrocketed. 72 crypto-related ETF applications are currently awaiting SEC approval.
Canary Capital has been particularly active, recently filing for a Tron (TRX) ETF with staking features, alongside proposals for Solana (SOL), PENGU, and Sui (SUI) ETFs.
Grayscale has also expanded its ambitions with proposed funds for Cardano, XRP, Dogecoin, Litecoin, and Avalanche. Bitwise, meanwhile, has filed for ETFs on Dogecoin (DOGE) and Aptos (APT).
Both domestic crypto companies and traditional financial institutions are striving to launch products tied to crypto assets, derivatives, and blockchain stocks.
Eric Balchunas, ETF analyst at Bloomberg, commented on the influx of applications and called 2025 a “wild year” for crypto ETFs.
The Grayscale Bitcoin Trust (GBTC) currently manages nearly $18 billion in assets, making it the second-largest of the 11 Bitcoin ETFs approved last year.
Bitwise’s Bitcoin ETF manages approximately $3.6 billion in AUM. In total, U.S. Bitcoin ETFs now manage approximately $100 billion, making them among the fastest-growing ETFs in history.
Following this news, Hedera rose 5%, while Polkadot gained nearly 7% in the past 24 hours.
Trump-Era Change Signals SEC Reassessment of Crypto Regulation
The SEC’s recent shift in tone under President Donald Trump reflects a broader effort to reassess the agency’s approach to digital assets.
As reported, Paul Atkins was sworn in as SEC Chairman on Monday. This is a leadership change welcomed by the digital asset industry.
Under Atkins’ leadership, the SEC has already withdrawn or postponed several high-profile cases against crypto companies.
The agency dropped its charges against Coinbase and Cumberland DRW earlier this year, and a separate investigation into Uniswap Labs was closed without enforcement action in February.
In the most recent case, the SEC closed its investigation into CyberKongz, a prominent Ethereum-based NFT and gaming project, without enforcement action, the team announced on Tuesday.
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