TLDR
- SEC delays Grayscale’s Avalanche and Cardano ETF decisions to July 15, 2025, extending review beyond initial 45-day window
- Avalanche ETF proposal filed by Nasdaq on March 27, 2025, seeking to list under Commodity-Based Trust Shares rules
- Cardano ETF proposal submitted through NYSE Arca on February 10, 2025, converting existing Grayscale trust to spot ETF
- No altcoin ETFs have received approval yet, showing SEC’s cautious approach beyond Bitcoin and Ethereum products
- SEC has also delayed decisions on other crypto ETFs including Solana, XRP, and Ethereum staking products under new leadership
The Securities and Exchange Commission has extended its review period for Grayscale’s proposed Avalanche and Cardano exchange-traded funds until July 15, 2025. The decision pushes back the original May 31 deadline by more than six weeks.
🇺🇸 UPDATE: US SEC delays decision on Grayscale’s spot ETFs for $AVAX and $ADA, new review date set for July 15, 2025. pic.twitter.com/fmFNFvNigk
— Mohd Shabaz (@Cryptoshabaz) May 29, 2025
The SEC announced the delay in a May 28 press release, citing the need for additional time to review the proposed rule changes. The Commission used its authority under Section 19(b)(2) of the Securities Exchange Act of 1934 to extend the review beyond the standard 45-day window.
Nasdaq filed the Avalanche ETF proposal on March 27, 2025. The filing seeks to list and trade shares of the Grayscale Avalanche Trust under Nasdaq Rule 5711(d), which covers Commodity-Based Trust Shares.
The proposal was published in the Federal Register on February 16, 2025. This publication started the official review timeline that originally set May 31 as the decision deadline.
Cardano ETF Details
Grayscale’s Cardano ETF proposal follows a different path through NYSE Arca. The company submitted the initial filing on February 10, 2025, with plans to convert its existing Grayscale Cardano Trust into a spot ETF.
An amended version was filed on February 20 and published for public comment on February 28. This publication triggered a 240-day review window that extends to October 22, 2025.
The July 15 deadline applies to both ETF proposals. On this date, the SEC must either approve the applications, reject them, or begin proceedings for further evaluation.
Public comments remain open during the extended review period. The SEC continues to seek feedback from investors and industry participants on both applications.
Broader ETF Landscape
No altcoin ETFs have received SEC approval to date. This record reflects the Commission’s careful approach to cryptocurrency products beyond Bitcoin and Ethereum.
The SEC’s new leadership has extended review periods for several other crypto ETF proposals. These include applications for Solana, XRP, and Ethereum staking products.
Earlier this month, the SEC postponed decisions on four Solana ETF filings. The applications came from Bitwise, 21Shares, VanEck, and Canary Capital.
The Commission stated it would “institute proceedings” to determine if these Solana proposals meet regulatory standards. This language indicates a more thorough review process ahead.
Bloomberg ETF analyst James Seyffart has noted that the SEC often uses the full 240-day review period for crypto ETF applications. His analysis suggests final decisions on many pending ETFs may not come before October 2025.
Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It's expected as this is standard procedure & Atkins hasn't even been confirmed yet. This doesn't change our (relatively high) odds of approval. Also note that the final deadlines…
— James Seyffart (@JSeyff) March 11, 2025
The July 15 deadline represents the next key milestone for both Grayscale ETF proposals.
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