TLDR
SEC delayed decisions on Grayscale’s Solana and Litecoin ETFs until August and October 2025
Public comment periods opened for BlackRock’s Bitcoin ETF in-kind redemption model and 21Shares’ Dogecoin ETF
BlackRock’s proposal would allow direct Bitcoin redemptions rather than cash-only
SEC is expected to make no crypto ETF approvals before Q4 2025
New SEC Chair Paul Atkins is reassessing crypto product listings with increased public engagement
The Securities and Exchange Commission (SEC) has postponed decisions on several cryptocurrency exchange-traded fund (ETF) applications, including those from major players Grayscale and BlackRock. The delays, announced on May 13, 2025, extend the review timeline for these crypto investment products.
The SEC delayed its decision on Grayscale’s Solana ETF to evaluate whether the listing meets investor protection standards. If approved, the trust would hold SOL and trade on NYSE Arca. The Grayscale Litecoin Trust decision was also postponed for further assessment of alignment with Securities Exchange Act requirements.
Both Solana and Litecoin filings now face extended deadlines, with new review dates set for August 11 and October 10, 2025.
Public Comment Periods Begin
Meanwhile, Nasdaq’s filing to amend BlackRock’s iShares Bitcoin Trust has entered its public comment phase. The proposed change would allow the fund to support in-kind redemptions, enabling authorized participants to create or redeem shares using Bitcoin directly rather than cash.
The SEC initially approved the BlackRock fund in January with a cash-only redemption mechanism. This potential update would make the ETF more closely resemble traditional commodity ETFs.
The 21Shares Dogecoin ETF has also entered its public comment phase following a filing to list under Nasdaq Rule 5711(d), which covers commodity-based trust shares. The ETF plans to track DOGE prices using a CF Benchmarks index and aims to provide Dogecoin exposure through traditional brokerage accounts.
Timeline and Expectations
Bloomberg ETF analysts view the current cycle of delays as routine. The SEC typically operates on review intervals of 45, 90, 180, and 240 days, allowing multiple opportunities to postpone decisions before reaching a final deadline.
James Seyffart, a Bloomberg ETF analyst, described the delay as “expected,” noting that most affected products face final deadlines no earlier than October. Another analyst, Eric Balchunas, suggested the SEC is unlikely to issue approvals until recently confirmed Chair Paul Atkins completes internal meetings and strategy sessions with staff.
The SEC’s multi-stage statutory process is based on the publication of proposed rule changes in the Federal Register. No ETF in this group faces a final deadline before late in the third quarter of 2025.
Analysts predict the SEC will grant no approvals before the final quarter of 2025. The agency has historically extended reviews to full statutory limits before issuing decisions.
These delays involve more than 70 crypto ETF proposals in various evaluation stages. On April 29, the SEC had already delayed decisions on five other crypto-related ETFs.
The regulator’s recent actions come as the agency reassesses crypto product listings under new Chair Paul Atkins. The commission has dismissed several enforcement cases and increased public engagement through crypto-focused roundtables since President Trump took office.
The SEC’s approach leaves applicants and investors waiting for further clarity on the regulatory trajectory for crypto-linked investment vehicles. BlackRock’s request has no updated deadline, as it centers on technical mechanics rather than initial approval.
For the 21Shares Dogecoin ETF filing, the acknowledgment initiates the official review timeline for the product, beginning the countdown toward an eventual decision under the agency’s statutory schedule.
The ETF would allow traditional investors to gain Dogecoin exposure through regular brokerage accounts without directly holding the cryptocurrency.
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