Grayscale Expands Altcoin ETF Plans While SEC Delays Hedera and Dogecoin Approvals

Highlights:

• Grayscale seeks to transform HBAR, LTC, and BCH trusts into ETFs on the NYSE.
• SEC pushes back Hedera and Dogecoin ETF approvals, extending the review period until November.
• Rex-Osprey Dogecoin ETF set to launch Thursday under alternative regulatory framework.

On September 9, Grayscale, a leading digital asset management firm, reportedly submitted an S-1 for Hedera (HBAR) and S-3 filings for Bitcoin Cash (BCH) and Litecoin (LTC) with the U.S. Securities and Exchange Commission (SEC). According to regulatory filings, Grayscale plans to convert its existing closed-end trusts for these assets into ETFs. If approved, the funds will be officially listed on NYSE Arca, with Coinbase acting as custodian, while the Bank of New York Mellon will serve as the administrator.

This follows the same method the firm used last year to turn its Bitcoin and Ethereum trusts into exchange-traded products. This approach makes the assets easier to trade on major exchanges, improving access for both retail and institutional investors. 

Grayscale has filed three registration statements with the U.S. SEC: an S-1 for the Hedera ETF and separate S-3 filings for the Litecoin ETF and Grayscale Bitcoin Cash Trust (BCH). The filings are not yet effective and remain subject to amendment or SEC approval.…

— Wu Blockchain (@WuBlockchain) September 9, 2025

SEC Delays Altcoin ETF Decisions While Dogecoin Funds Advance

Despite ongoing developments, the SEC continues to approach altcoin ETFs cautiously. On September 9, the agency postponed decisions on Grayscale’s Hedera ETF and Bitwise’s Dogecoin ETF, extending the review period to November 12. At the same time, firms such as REX Shares and Osprey Funds are moving forward with their own Dogecoin ETFs using alternative regulatory routes. This suggests that meme-coin products could enter the U.S. market even while the SEC’s review process continues to be lengthy.

First US Dogecoin ETF Goes Live Thursday — Bloomberg Says

Bloomberg ETF expert Eric Balchunas announced on social media that the Rex-Osprey Doge ETF (DOJE) will launch this Thursday. “Pretty sure this is the first-ever US ETF to hold something that has no utility or purpose,” Balchunas said. Balchunas suggested last week that the launch would occur under the Investment Company Act of 1940, which differs from the Securities Act of 1933, which typically covers grantor trusts holding physical commodities or derivatives. Ahead of the approval, Dogecoin surged nearly 13% over the past week, according to CoinMarketCap, reaching $0.2403.

Meme coin ETF era about to kick off it looks like with $DOJE slated for a Thursday launch, albeit under the 40 Act a la $SSK. There's a big group of '33 Act-ers waiting for SEC approval still. Pretty sure this is first-ever US ETF to hold something that has no utility on purpose pic.twitter.com/BIcpu1zR4o

— Eric Balchunas (@EricBalchunas) September 9, 2025

Grayscale Plans First Bitcoin Cash ETF Amid Growing Crypto ETF Backlog

As part of Grayscale’s latest initiatives, the Bitcoin Cash ETF stands out as its inaugural fund. Records indicate that by June 30, the Bitcoin Cash Trust possessed more than $200 million in net assets, with each share priced at $4.31. Once approved for listing, the fund will be renamed the Grayscale Bitcoin Cash Trust ETF and trade under the ticker “BCHG.”

The wave of altcoin ETF filings in 2025 has created a growing backlog for the financial regulator. By July 31, at least 31 spot-ETF applications had been submitted in the first half of the year, covering cryptocurrencies such as Dogecoin, Solana, Litecoin, XRP, Avalanche, and BNB. By August 29, about 92 cryptocurrency-focused ETFs were still pending approval from the SEC. Institutional demand is particularly strong for Solana, which has eight applications, and XRP, with seven filings.