Executive Summary– The United States Securities and Exchange Commission (SEC) has delayed final decisions on two prominent altcoin ETF applications — Bitwise’s planned spot Dogecoin ETF (to be traded on NYSE Arca) and Grayscale’s Hedera Trust ETF (planned for Nasdaq) — each pushing its respective review period through November 12, 2025. The delay is the latest installment in an ongoing trend by the SEC to utilize the maximum statutory review timeline for most crypto-related exchange proposals as it grapples with issues surrounding market structure, liquidity, and manipulation protections.

What the SEC Officially Did

SEC notices extending the period for review were issued for the Bitwise Dogecoin ETF filing and the Grayscale Hedera Trust filing, advancing the statutory deadline for decisions to November 12, 2025.

They are procedural — they leave the applications “under review” and provide additional time for the Commission to approve, suggest amendments, or disapprove the exchanges’ proposed rule changes.

Why the SEC Is Taking More Time

While SEC extension notices are usually concise, regulatory precedent indicates a number of recurring issues that account for why the Commission is frequently taking longer to extend the timelines:

• Market manipulation and surveillance – The SEC considers whether there are sufficient surveillance and information-sharing arrangements to identify and deter manipulation in spot markets for less-developed tokens.

• Liquidity and depth of the market – The Commission considers if the asset is liquid enough in regulated markets so that an ETF’s creation/redemption process will be effective without excessive market impact.

• Precedent and calibration of policy – Authorizing new altcoin ETFs could create precedents for other upcoming applications (such as Solana, XRP, or Cardano), and the SEC does not want to trigger a cascading approval effect.

• Operational and custody issues – Outside of Bitcoin and Ethereum, the SEC commonly examines custody arrangements, valuation practices, and operational resilience for exchange-traded fund sponsors and exchanges.

Market Reaction

• Price action: Markets tend to respond in brief spikes of volatility to defer news. Reporting surrounding these particular extensions indicated increased trading in DOGE and Hedera-spot markets as traders re-priced the timing for an ETF catalyst.

• Sentiment: An extension is seen as neutral by some investors — the SEC is merely using the entire review period — while others see repeated delays as indicating ongoing regulatory hesitancy. Extensions are not necessarily rejection, but rather usually come before eventual approval after further information is submitted.

Strategic Implications

To issuers (Bitwise, Grayscale, exchanges):

• Be prepared for ongoing interaction with the SEC. Filings tend to get technical revisions, add-on submissions, or more compliance undertakings during prolonged reviews.

• For asset managers and institutional investors:

• Delays prolong product availability uncertainty; big allocators might preserve optionality but defer re-allocations with rising regulatory certainty.

For retail investors and exchanges:

Market-makers and trading desks will factor in timelines for regulation; retail fervor, particularly in meme assets like DOGE, can spur agile flows prior to any approval horizon. Exchanges with related futures or structured products listed may experience high volume.

Timeline — What Led Here and What to Watch Next

• Filing & publication: Bitwise’s and Grayscale’s filings were posted to the Federal Register earlier in 2025, activating statutory review windows.

• Early deadlines expire: The SEC has taken repeated use of statutory extension provisions for numerous altcoin ETF filings during 2025, moving several decisions into the October–November window.

• New milestone: November 12, 2025 is now the new surefire date by which the SEC will either approve, disapprove, or establish additional procedural actions for these two filings. Keep an eye out for further issuers’ filings or amendments, SEC comment letters or orders, or batch rulings impacting several altcoin ETFs.

Risk Considerations & Takeaways for Investors

• An extension is not a thumbs down. It is an indication that the SEC needs additional time — not that the applications will be denied.

• Regulatory risk is still the overriding factor. Approval of a Dogecoin or Hedera ETF would be a significant regulatory move; a disapproval would reset schedules and investor sentiment in applications for altcoin ETFs.

• Position sizing and timing are important. Speculators interested in playing ETF-driven rallies must balance calendar risk (days such as November 12) and likelihood of big intraday moves with announcements.

Bottom Line

The SEC extending its review of the Bitwise Dogecoin ETF and the Grayscale Hedera ETF to November 12, 2025 is part of a larger trend of conservative, calendar-duration reviews for spot altcoin ETFs. The extensions provide the Commission additional time to review surveillance, liquidity, custody, and precedent matters but maintain the threat of a final ruling’s coming during the fall regulatory window. Market participants ought to regard the delay as a procedural matter — significant but not final — and expect to be struck by fresh volatility and headline risk with the approach of the new deadline.