- The agency has extended the decision deadline to June 11 to rule on Grayscale’s bid to convert its Polkadot Trust and Canary Listing’s proposal for a Hedera (HBAR) ETF.
- Bitwise’s Bitcoin and Ethereum ETF proposals were also delayed, with new deadlines set for June 10.
- Under newly appointed chair Paul Atkins, the U.S. Securities and Exchange Commission (SEC) is handling a backlog of more than 70 crypto ETF applications, contributing to the wave of delays.
Facing a large number of pending applications that require regulatory clarity, the U.S. Securities and Exchange Commission has postponed decisions on crypto ETF proposals tied to Polkadot and Hedera.
On Thursday the agency said it would push the decision date back to June 11 to give itself time to rule on Grayscale’s request to convert its Polkadot Trust and the Canary Listing proposal for a Hedera (HBAR) ETF.
The rulings had been expected this weekend. Bitwise’s filings for spot Bitcoin and Ethereum ETFs were also delayed; their new deadline is June 10.
In official filings, the SEC said it needs “sufficient time to consider the proposed rule changes and the issues raised by them.”
More than 70 ETFs Await Approval
With Paul Atkins taking the helm as chair, the SEC now faces a backlog exceeding 70 crypto ETF applications, prompting repeated postponements as the agency works through the queue.
Applications span a broad range, from major altcoins such as XRP, Solana, and Litecoin to meme coin-themed products and leveraged ETFs.
Analyst Eric Balchunas described the lineup of ETF filings as “crazy,” noting some of the more eccentric proposals among them.
Atkins, who previously served as a commissioner and has close ties with Wall Street, was confirmed by the Senate after a contentious vote and began his tenure on April 21.
Acting chair Mark Uyeda had delayed several major rulings, and insiders said the lack of permanent leadership contributed to stalled progress on many applications.
Under Gary Gensler’s leadership, the SEC approved spot Bitcoin ETFs in January 2024 and later approved spot Ethereum ETFs in July following a favorable court ruling for Grayscale.
Since President Donald Trump began his second term in January, the SEC has taken a visibly more crypto-friendly approach, hosting industry roundtables and withdrawing several lawsuits against cryptocurrency companies.
Another roundtable on cryptocurrency custody issues is scheduled for Friday.
Strong Demand for BTC ETFs
Data from SoSoValue shows U.S. spot Bitcoin ETFs experienced a remarkable rebound, with net inflows of $936.43 million on Tuesday, April 22 — the strongest single-day inflow since mid-January.
The momentum continued the next day, April 23, which saw another $916.91 million in net inflows.
BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows, attracting $643.16 million, followed by Ark & 21Shares’ ARKB with $129.5 million.
This surge represented the fourth consecutive day of inflows exceeding $100 million — a streak last seen in late January during a period of heightened institutional interest.
Prior to this rally, ETF activity had slowed considerably, prompting questions about whether institutional demand would persist.
However, the recent rebound proved significant and coincided with Bitcoin’s advance past the $90,000 mark.