Kaia (kaia) 
The U.S. Securities and Exchange Commission (SEC) has announced delays in decisions regarding several cryptocurrency exchange-traded funds (ETFs), including Bitwise’s Bitcoin and Ethereum ETFs and Canary Capital’s Hedera ETF. The regulatory agency cited the need for additional time to review the proposals and gather public input amidst an influx of crypto ETF applications.
SEC Postpones Decisions on Crypto ETFs
According to official filings dated April 24, the SEC has postponed its decision on Bitwise’s Bitcoin and Ethereum ETFs, as well as Canary Capital’s Hedera ETF. The new deadlines for these proposals have been set for June 10 and June 11, respectively. The SEC emphasized the importance of thoroughly evaluating the proposals and considering public comments before making any determinations.
These delays are part of a broader trend as the SEC navigates a surge in ETF applications tied to cryptocurrencies. Among other recent postponements, Grayscale’s application to convert its Polkadot Trust into an ETF has also been delayed, with a new decision deadline set for June 11.
Leadership Changes and Potential Impact
The delays come at a time of leadership transition within the SEC. Paul Atkins, known for his crypto-friendly stance, has been appointed as the agency’s new Chair. His leadership could signal a shift in the SEC’s approach to digital asset investment products, possibly paving the way for more approvals of cryptocurrency ETFs in the future.
Growing List of Pending ETF Applications
The SEC is currently reviewing a wide array of crypto ETF applications, reflecting the increasing interest in digital asset investment vehicles. Pending proposals include ETFs linked to popular cryptocurrencies such as Solana, Ripple, Sui, Litecoin, Axelar, Binance Coin, Cardano, Avalanche, Dogecoin, Aptos, Chainlink, and even newer memecoins like Pudgy Penguins and tokens associated with public figures.
Additionally, the SEC is evaluating applications for index-style funds that bundle multiple cryptocurrencies, alongside more traditional ETFs based on Bitcoin and Ethereum. This diverse range of applications highlights the growing demand for crypto-based investment products.
Bitcoin ETFs Continue to Dominate
Despite the increasing number of altcoin-based ETF applications, industry experts predict that Bitcoin ETFs will remain dominant in the crypto ETF market. According to analyst projections, Bitcoin ETFs currently command approximately 90% of all crypto fund assets globally and are expected to retain a significant market share, even as new altcoin-focused products become available.
“Bitcoin ETFs command 90% of all the crypto fund assets globally. While a ton of alt/meme coin ETFs are likely to hit the market this year, they will only make a minor dent. Bitcoin is likely to retain at least 80-85% share long-term,” an industry analyst noted.
As the SEC continues to evaluate these ETF applications, the cryptocurrency community is closely watching for potential regulatory shifts, especially under new leadership. The approval of additional crypto ETFs could further validate digital assets as a mainstream investment option, attracting more institutional and retail investors alike.
