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- Grayscale filed new ETF documents for Hedera, Litecoin, and Bitcoin Cash, aiming for broader access.
- SEC backlog grows with 92 pending crypto ETF proposals, heavy interest in Solana and XRP.
Grayscale has stepped up its push into exchange-traded funds, submitting three applications with the Securities and Exchange Commission on Tuesday. The company filed an S-1 for Hedera (HBAR) and S-3 forms for Litecoin (LTC) and Bitcoin Cash (BCH).
The filings outline Grayscale’s plan to change its existing Trust products for these tokens into ETFs, a process it already used with Bitcoin and Ethereum during 2024. This conversion would allow easier trading of these assets on widely used exchanges and improve access for both institutional and retail investors.
Earlier in 2025, Nasdaq had already submitted a 19b-4 application to list Grayscale’s Hedera Trust. That effort was referenced in the S-1 registration for HBAR. The filing states,
In connection with this registration statement, on February 28, 2025, Nasdaq Stock Market LLC, filed an application with the Securities and Exchange Commission pursuant to Rule 19b-4 […] to list the shares of Grayscale Hedera Trust ETF on NASDAQ.
Grayscale has filed three registration statements with the U.S. SEC: an S-1 for the Hedera ETF and separate S-3 filings for the Litecoin ETF and Grayscale Bitcoin Cash Trust (BCH). The filings are not yet effective and remain subject to amendment or SEC approval.…
— Wu Blockchain (@WuBlockchain) September 9, 2025
Grayscale’s Growing Push in Altcoin ETFs
Alongside the Hedera filing, the New York Stock Exchange moved to convert the firm’s Litecoin Trust into an ETF. In the Litecoin prospectus, Grayscale highlighted:
This prospectus has been prepared on the basis that the 19b-4 Application has been approved by the SEC, or the SEC has otherwise approved generic listing standards which would permit the listing of the Trust’s shares on NYSE Arca.
The filing for a Bitcoin Cash ETF also followed this approach, submitted under proposed Generic Listing Standards that still await regulatory approval. None of the 19b-4 applications connected with these products has received approval to date.
In a recent update, CNF reported that Grayscale has also applied for a Chainlink ETF, aiming to qualify for a NYSE Arca listing without the need for a standalone 19b-4 application. The firm stated,
We believe the fund meets the requirements for listing under the proposed Generic Listing Standards, subject to SEC approval.
SEC Backlog Grows to 92 Pending ETF Applications
The SEC is facing a large number of applications for digital asset ETFs in 2025. By July 31, at least 31 proposals for “spot altcoin ETFs” had been submitted. These include tokens such as XRP, Solana, Dogecoin, Litecoin, Avalanche, and BNB.
By August 29, the number of pending crypto-related ETF products had reached 92, waiting for the SEC to make a decision. Most of the institutional interest focused on Solana, with eight applications filed, while XRP had seven applications.
Grayscale has reasons to move forward despite delays. In 2024, after legal battles with regulators, its Bitcoin Trust became the first US spot Bitcoin ETF on NYSE Arca. With its new filings, the company is now trying to bring the same success to other major digital assets.
