SEC Postpones Decision on Grayscale’s Avalanche and Cardano ETFs Until July 2025
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale’s Avalanche and Cardano spot ETF proposals until July 15, 2025. According to a May 28 press release, the SEC needed more time to consider the proposed rule changes.
The SEC’s extension reflects thier cautious approach to cryptocurrency-based ETFs. Both the Avalanche and Cardano ETFs are under review due to their potential risks and benefits.
Nasdaq filed the Avalanche ETF proposal on March 27, 2025, aiming to list and trade Grayscale Avalanche trust shares.Similarly, Grayscale’s Cardano proposal was submitted via NYSE Arca on Febuary 10, 2025, with plans to convert the existing Grayscale Cardano trust into a spot ETF.
- Nasdaq’s Avalanche ETF filing seeks listing under Nasdaq Rule 5711(d).
- Grayscale’s Cardano filing was amended and published for public comment, starting a 240-day review period.
Both ETFs remain open for public comment. The SEC’s final decision on approval, rejection, or further evaluation is due by July 15, 2025.
No altcoin ETF has been approved yet. The SEC is particularly cautious with products beyond Bitcoin and Ethereum. Recent extensions for Solana, XRP, and Ethereum staking products highlight this trend.
Bloomberg ETF expert James Seyffart notes that the SEC frequently enough takes the full 240 days to assess crypto ETFs,suggesting that final decisions may not come until October 2025.
