SEC Pushes Grayscale Hedera Trust Decision to November 12 Amid Wave of Crypto ETF Filings

The U.S. Securities and Exchange Commission (SEC) has postponed its ruling on Nasdaq’s request to list the Grayscale Hedera Trust, extending the decision deadline to November 12. The delay comes as Grayscale simultaneously advanced regulatory filings for its Bitcoin Cash and Litecoin trusts, underscoring the firm’s push to broaden its product lineup.

On Tuesday, Grayscale submitted updated Form S-3 registration statements for both the Bitcoin Cash Trust and the Litecoin Trust. Bank of New York Mellon will serve as administrator, while Coinbase takes the role of custodian and prime broker. Both vehicles are structured for eventual listing on NYSE Arca.

In a parallel move, the company filed a Form S-1 for the Hedera Trust, which—if approved—would trade under the ticker HBAR. The product’s fate hinges on Nasdaq’s pending rule-change request, a process now slowed by the SEC’s extended timeline.

Such deferrals have become standard practice for the Commission. In August, the SEC exercised its final procedural extension for pending Solana ETF proposals, delaying decisions until October 16. With more than 90 crypto ETF applications awaiting review—including products tied to Bitcoin, Ethereum, Solana, and XRP—the regulatory backlog is mounting.

Market observers note that ETF approvals often drive premiums in underlying assets, as institutional-grade wrappers add compliance, custody, and transparency benefits. For issuers like Grayscale, the appeal lies not only in liquidity but also in positioning digital assets as structured investment vehicles that meet traditional institutional standards.

The coming months may deliver a flurry of SEC rulings, setting the stage for whether crypto ETFs can extend their footprint beyond Bitcoin and Ethereum—the first to receive approval last year.