Regulatory Delay on Hedera Trust
U.S. Securities and Exchange Commission (SEC) extended its review deadline for the proposed listing of the Grayscale Hedera Trust to November 12, marking another procedural extension in the growing slate of crypto exchange-traded fund (ETF) applications. The postponement follows a formal order published on September 10, 2025, adding 60 days to the standard 180-day review period. Grayscale’s request was originally submitted as a rule change by Nasdaq’s listing exchange.
Concurrent Filings for Bitcoin Cash and Litecoin Trusts
On the same day, Grayscale submitted updated Form S-3 registration statements for its existing Bitcoin Cash Trust and Litecoin Trust. These trusts, administrated by Bank of New York Mellon and custodied by Coinbase, were previously operating vehicles that reported on Forms 19b-4. The Form S-3 filings indicate Grayscale’s intent to align these products under streamlined registration processes, leveraging existing reporting frameworks to expedite potential listings.
Initial Registration for Hedera Trust
Separately, Grayscale filed a Form S-1 for the Hedera Trust, outlining the foundational registration for a novel product expected to trade under the ticker HBAR once approved by Nasdaq. Under U.S. securities legislation, a Form S-1 marks the first step in a trust’s registration, triggering the SEC’s review clock and opening the door for a potential listing pending regulatory approval.
Broader Crypto ETF Landscape
This delay is part of a larger SEC pattern in managing numerous ETF and rule change applications ahead of upcoming deadlines. In August, the SEC similarly granted a final extension for Solana ETF applications, pushing decisions into mid-October. Comment letters and amendments have driven many of these extensions, underscoring the Commission’s methodical approach to assessing comments and governance structures across a diverse array of digital asset proposals.
Institutional and Market Implications
Industry experts note that near-term ETF decisions can drive premium pricing for digital assets on secondary markets. An ETF wrapper provides regulated market access, compliance assurances, and custody frameworks often sought by institutional investors. As such, approval or denial of these applications could significantly influence liquidity flows, market structure, and asset valuations across the broader crypto ecosystem.
Next Steps and Outlook
Grayscale’s consecutive filings and the SEC’s procedural extensions suggest a strategic maneuver to synchronize multiple digital asset offerings under unified review timelines. Market participants and analysts will watch closely for the November decision on the Hedera Trust and subsequent actions on Bitcoin Cash and Litecoin trusts, as these moves may signal a turning point for mainstream ETF adoption in the cryptocurrency sector.
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