The U.S. Securities and Exchange Commission (SEC) has postponed its decision on proposed exchange-traded funds (ETFs) that aim to track the spot prices of Polkadot $DOT , Hedera $HBAR , and a combined Bitcoin-Ethereum fund, according to new filings published Thursday.The SEC now has until June 11 to review Nasdaq’s 19b-4 filings for the Canary HBAR ETF and Grayscale’s Polkadot Trust conversion. Meanwhile, a similar ETF filing submitted by the New York Stock Exchange (NYSE) for a Bitwise Bitcoin and Ethereum ETF will receive a decision by June 10.

Growing Interest in Altcoin-Based ETFs

The delay comes as ETF issuers ramp up proposals to bring new altcoin-based financial products to market following the historic success of spot Bitcoin and Ethereum ETFs approved last year.

Canary Capital, Grayscale Investments, and Bitwise Investments are among the firms seeking to capitalize on the growing demand for crypto-based investment vehicles. Currently, 72 crypto-related ETF proposals await regulatory approval by the SEC.

Just last week, Canary filed for a Tron (TRX) ETF, which includes staking rewards, and has also proposed spot ETFs for Solana, PENGU, and Sui. Grayscale continues to expand its crypto ETF ambitions with applications for funds based on Cardano, XRP, Dogecoin, Litecoin, and Avalanche. Meanwhile, Bitwise has filed for ETFs tracking Dogecoin (DOGE) and Aptos, among others.

Legacy Funds Lead the Way

The Grayscale Bitcoin Trust (GBTC), which converted from a trust into an ETF last year, currently manages nearly $18 billion in assets, making it the second-largest among the 11 spot Bitcoin ETFs approved to date. The Bitwise Bitcoin ETF follows closely with $3.6 billion in AUM, ranking fifth in terms of fund size.

Together, these spot Bitcoin ETFs now manage approximately $100 billion, placing them among the fastest-growing ETFs in the industry’s 32-year history.

Market Reaction and Analyst Insight

The market responded positively to the latest ETF headlines. Hedera (HBAR) saw a 5% price increase, while Polkadot (DOT) surged nearly 7% in the past 24 hours. The potential for expanded ETF offerings has created renewed investor optimism in the broader altcoin market.

ETF analyst Eric Balchunas of Bloomberg commented on the uptick in applications, noting via X (formerly Twitter), “Gonna be a wild year.”

With ETF issuers from both crypto-native firms and traditional financial institutions jumping into the mix, the 2025 race for crypto ETF approvals looks more competitive than ever.

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