The United States Securities and Exchange Commission has delayed its decision on Grayscale’s proposed spot ETFs for Avalanche and Cardano, extending the review period to 15 July 2025.

A May 28 press release from the Commission said it was appropriate to designate a longer period to consider the proposed rule change. The SEC made the designation under Section 19(b)(2) of the Securities Exchange Act of 1934, which allows for extensions beyond the initial 45-day review window.

Nasdaq filed the Avalanche ETF proposal on 27 March 2025 and seeks to list and trade shares of the Grayscale Avalanche Trust under Nasdaq Rule 5711(d), which governs Commodity-Based Trust Shares.

The proposed rule change was published in the Federal Register on 16 February 2025, triggering the statutory review timeline. The original 45-day decision deadline was set for 31 May 2025.

Separately, Grayscale’s Cardano ETF proposal was submitted through NYSE Arca on 10 February 2025, and plans to convert the existing Grayscale Cardano Trust into a spot ETF.

An amended version of the filing was submitted on 20 February and later published for public comment on 28 February, formally initiating a 240-day review window that ends on 22 October 2025.

With the delay now confirmed, the next key date in the approval process for both ETFs is 15 July 2025, when the Commission must either approve, reject, or initiate proceedings to further evaluate the proposals. 

Public comments remain open during this time, with the SEC actively soliciting feedback on the applications. 

No altcoin ETF has secured approval so far, which reaffirms the SEC’s measured approach toward crypto products beyond Bitcoin and Ethereum.  

Under its new leadership, the Commission has extended review periods for several other cryptocurrency-based ETFs, including those for Solana, XRP, and Ethereum staking products.

Earlier this month, the SEC postponed decisions on four Solana ETF filings from Bitwise, 21Shares, VanEck, and Canary, stating it would “institute proceedings” to assess whether those proposals met regulatory standards.

Analysts suggest that these delays are part of the SEC’s standard review process for innovative financial products, such as crypto ETFs. 

Bloomberg ETF expert James Seyffart has previously explained that the regulator often takes the full 240 days to evaluate such filings, indicating that final decisions on many of these ETFs may not occur before October 2025.