- SEC delays decision on Bitwise Dogecoin ETF, pushing new deadline to November 12 this year.
- Dogecoin ETF could become the first meme coin fund in the US if approved by financial regulators.
- SEC faces a rising backlog as over 90 crypto ETF applications wait for review and final decision.
The Bitwise Dogecoin ETF application is under further examination by the U.S. Securities and Exchange Commission. The new deadline is November 12, 2025. This is after it was previously delayed in June when the agency initiated a formal probe to consider the proposal. Originally, the ETF was filed by NYSE Arca in March under its commodity-based trust rules.
The initial deadline was September 13, following a 180-day review process. The SEC has added another 60 days. Officials cited the need for more time to review public comments and evaluate market concerns.
Increased Scrutiny Around Dogecoin ETF
A few social reactions have been posted concerning the proposal. These remarks cast doubts on liquidity, volatility, and market manipulation. Dogecoin was also challenged by critics as an asset backed by funds.
The SEC has taken a cautious approach with crypto-related products. In the past, it rejected several applications before approving spot Bitcoin ETFs in early 2024. It followed with approvals for Ethereum ETFs after extended debate.
Supporters of the Dogecoin ETF believe the asset has high liquidity and strong community support. They argue it could provide retail investors with broader access to crypto. Skeptics argue the meme-based coin could expose investors to unnecessary risk.
Grayscale Hedera ETF Also Delayed
Alongside the Bitwise Dogecoin decision, the SEC also delayed its ruling on the Grayscale Hedera ETF. In March, Grayscale filed 19b-4 with the SEC through Nasdaq to list and trade a Hedera ETF, expanding crypto investment options for investors. Both applications share the same November 12 deadline. Grayscale seeks to convert existing crypto trusts, including Litecoin and Bitcoin Cash, into ETFs.
The conversion would move these products to national exchanges. That change could reduce price premiums and bring values closer to net asset values. Grayscale previously succeeded in converting its Bitcoin Trust into the first U.S. spot Bitcoin ETF in 2024.
Altcoin ETF Applications Continue to Build
The SEC is currently reviewing a growing number of crypto ETF applications. By July 31, 31 altcoin ETF proposals were filed. These include ETFs for XRP, Solana, Avalanche, and BNB.
By late August, 92 crypto ETF products awaited SEC decisions. Solana and XRP have the most filings, with eight and seven applications, respectively. The agency has used its full review periods on nearly all cases so far.
The Dogecoin ETF could become the first meme coin fund in U.S. markets. Its outcome may influence future filings from similar digital assets.
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