SEC Delays Decisions on Polkadot, Hedera, and Multi-Asset Crypto ETF Filings

In Brief:

The SEC has postponed rulings on spot ETFs for Polkadot, Hedera, and a Bitcoin-Ethereum combo fund.

New deadlines: June 10 for Bitwise’s dual ETF, June 11 for Polkadot and Hedera filings.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on multiple crypto ETF proposals, including those for Polkadot, Hedera, and a combined Bitcoin-Ethereum fund. The filings, submitted by Nasdaq and NYSE on behalf of Canary Capital, Grayscale, and Bitwise Investments, are now slated for rulings in June.

The SEC has until June 11 to decide on Nasdaq’s filings for Canary’s HBAR ETF and the proposed conversion of Grayscale’s Polkadot Trust into a spot ETF. Meanwhile, it has until June 10 to rule on the NYSE’s application for Bitwise’s Bitcoin and Ethereum ETF.

The delay adds to a growing backlog of 72 crypto ETF proposals awaiting regulatory approval. These include filings for funds tied to altcoins like Solana, XRP, Dogecoin, and even newer tokens like PENGU and Sui. Some applications also feature staking benefits and exposure to crypto-related equities.

The SEC’s slow pace comes despite the success of Bitcoin and Ethereum spot ETFs, which have quickly amassed over $100 billion in total assets under management. Bitwise and Grayscale, two key players in this space, continue to push for broader product offerings as investor demand expands beyond BTC and ETH.

Polkadot and Hedera tokens have seen moderate gains amid the ETF anticipation, rising 7% and 5% respectively over the past 24 hours.

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