- SEC delays decisions on Polkadot and Hedera ETFs until June 11 amid growing crypto ETF backlog under new Chair Paul Atkins.
- Grayscale’s Polkadot Trust and Canary’s Hedera ETF face review delays as SEC tackles over 70 crypto ETF filings.
- Crypto ETF review slows down at SEC, but spot Bitcoin ETFs see $936M inflow surge, led by BlackRock and Ark.
The U.S. Securities and Exchange Commission (SEC) has announced an extension in its review process for two proposed cryptocurrency exchange-traded funds (ETFs), one tied to Polkadot (DOT) and the other to Hedera (HBAR). In a filing published on April 24, 2025, the agency stated that it would delay decisions on the Grayscale Polkadot Trust and Canary’s Hedera ETF until June 11, 2025.
Grayscale had submitted its application to convert its existing Polkadot Trust into an ETF, while Canary filed a proposal to list and trade shares of a fund based on Hedera. These filings are among dozens of crypto-related ETF applications currently under review. The SEC noted it was extending the deadline to allow adequate time for evaluating the proposed rule changes and the regulatory issues they present.
SEC Faces Large Backlog of Crypto ETF Filings
The postponement comes amid a growing queue of ETF filings awaiting review by the SEC. With over 70 cryptocurrency-related ETF proposals submitted, the agency is navigating a broad and varied set of applications. These include funds linked to major altcoins such as XRP, Solana, and Litecoin, as well as thematic products like leveraged and memecoin ETFs.
Under the leadership of recently confirmed SEC Chair Paul Atkins, who resumed the role on April 21, 2025, the agency is perceived to be moving toward a more open approach to digital asset regulation. Atkins’ appointment follows a period of limited movement on crypto ETF approvals under Acting Chair Mark Uyeda.
Previous Approvals and Shifting Regulatory Tone
The SEC approved spot Bitcoin and Ethereum ETFs under previous Chair Gary Gensler following court rulings favorable for Grayscale. Access for institutions to cryptocurrency investments reached a key stage through these decisions. The prolonged regulatory delays indicate that although the environment appears to evolve it remains bound by strict methods.
Since January 2025 the Securities and Exchange Commission (SEC) has actively pursued relationships with crypto industry participants through regular roundtables and ceased numerous investigations targeting blockchain businesses. The upcoming roundtable meeting for Friday will address multiple issues relating to crypto asset custody.
Strong Institutional Interest in Bitcoin ETFs Continues
The spot Bitcoin ETF market segment within the United States maintains high levels of activity despite multiple delays affecting other sectors. SoSoValue data indicates that spot Bitcoin ETFs received $37.61 Billion of net inflows on April 25 which represented their largest single-day total since mid-January. The inflow volume for April 24 totaled $916.91 million.
The iShares Bitcoin Trust from BlackRock collected $643.16 million in new assets while the Ark & 21Shares Bitcoin ETF received $129.5 million from investors. This level of financial inflow continues the trend of daily institutional investments exceeding $100 million.
