The agency would extend the deadline to June 11 to rule on Grayscale’s bid to convert its Polkadot Trust and Canary’s proposal to list a Hedera (HBAR) ETF.
A separate delay was also announced for the Bitwise Bitcoin and Ethereum ETF, now pushed to June 10.
The delays come as the SEC, under new Chair Paul Atkins, faces a backlog of more than 70 crypto ETF filings.
The US Securities and Exchange Commission has pushed back its decisions on crypto ETF proposals tied to Polkadot and Hedera, amid a broader wave of applications awaiting regulatory clarity.
The agency said Thursday it would extend the deadline to June 11 to rule on Grayscale’s bid to convert its Polkadot Trust and Canary’s proposal to list a Hedera (HBAR) ETF.
It was previously expected to be decided by the end of this week. A separate delay was also announced for the Bitwise Bitcoin and Ethereum ETF, now pushed to June 10.
In its filing, the SEC cited the need for “sufficient time to consider the proposed rule change and the issues raised therein.”
Over 70 ETFs await approval
The delays come as the SEC, under new Chair Paul Atkins, faces a backlog of more than 70 crypto ETF filings.
Applications range from major altcoins like XRP, Solana, and Litecoin to meme coin-themed and leveraged products.
Analyst Eric Balchunas called the ETF queue “wild,” noting the inclusion of everything from “Penguins, Doge, and 2x Melania.”
Atkins, a former commissioner with strong ties to Wall Street, was confirmed on April 21 after a contentious Senate vote.
Acting Chair Mark Uyeda had held off on major rulings, with insiders saying a lack of permanent leadership froze progress.
Under Gary Gensler, the SEC approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July, following a court decision favoring Grayscale.
Since President Donald Trump began his second term in January, the SEC has signaled a more crypto-friendly stance, hosting industry roundtables and dropping several lawsuits against crypto firms.
Another roundtable, focused on crypto custody, is set for Friday.
BTC ETFs show strong demand
Spot Bitcoin ETFs in the US have staged a remarkable comeback, pulling in $936.43 million in net inflows on Tuesday, April 22—marking their strongest single-day performance since mid-January, according to SoSoValue data.
That momentum held into the next day, with another $916.91 million in inflows logged on April 23.
BlackRock’s iShares Bitcoin Trust (IBIT) was the clear frontrunner, drawing $643.16 million, followed by Ark & 21Shares’ ARKB, which brought in $129.5 million.
The surge extends a four-day streak of inflows topping $100 million—a pattern last seen in late January, during a previous wave of institutional enthusiasm.
The sharp uptick follows a lull in ETF activity that had raised doubts about the durability of institutional interest.
However, the recent rebound has proven consequential, coinciding with Bitcoin’s surge past the $90,000 level.
