Altcoin ETFs Stuck!

The SEC extended its review of the Bitwise Dogecoin ETF and the Grayscale Hedera ETF.

Author

Danielle du Toit
September 10, 2025

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Here's what we've got for you today:

  • SEC Pushes Back Decisions on Dogecoin and Hedera ETFs

  • Sharplink Starts $1.5B Share Buyback ad It Trades Below Asset Value

  • Paxos Pitches PayPal, Venmo Rails in Bid to Issue Hyperliquid’s USDH Stablecoin

  • DC Attorney General Sues Athena Bitcoin Over Alleged Hidden Fees

The SEC extended its review of the Bitwise Dogecoin ETF and the Grayscale Hedera ETF until Nov. 12. 

  • The SEC has delayed decisions on the Bitwise Dogecoin ETF and the Grayscale Hedera ETF, extending the review period until Nov. 12.

  • Grayscale is also seeking to convert its Litecoin and Bitcoin Cash trusts into ETFs to allow daily share creations and redemptions.

  • While Grayscale previously set a precedent with its Bitcoin Trust conversion in 2024, there is still some uncertainty over the approval timeline for altcoin ETFs.

SharpLink launched a $1.5B share buyback to boost shareholder value and counter undervaluation in the crypto treasury sector.

  • SharpLink, the second-largest Ethereum treasury company, launched a $1.5 billion share buyback plan as its stock trades below net asset value (NAV).

  • Co-CEO Joseph Chalom said the market undervalues SharpLink and explained that buybacks are a disciplined capital allocation strategy to boost shareholder value.

  • The move follows a NYDIG analysis urging crypto treasury firms to pursue buybacks when trading below NAV.

Paxos updated its proposal to issue Hyperliquid’s USDH stablecoin with a PayPal partnership, $20M in HYPE incentives, and a capped revenue model.

  • Paxos released an updated proposal (V2) to issue Hyperliquid’s USDH stablecoin, featuring a global expansion strategy through a new PayPal partnership.

  • The plan will see USDH integrated into PayPal and Venmo, with PayPal also committing $20 million in incentives for Hyperliquid’s HYPE ecosystem.

  • Paxos also shared details about a rewards model where USDH revenue will be reinvested into growth and Hyperliquid’s Assistance Fund until TVL reaches $1B.

DC sued Athena Bitcoin, alleging hidden fees and scam ties on its crypto ATMs.

  • Washington, DC’s attorney general sued crypto ATM operator Athena Bitcoin, alleging it charged hidden fees and ignored scams tied to deposits.

  • Officials claim that 93% of deposits on Athena’s machines in the first five months were linked to scams, with a no-refund policy preventing victims from recovering funds.

  • The case comes as regulators crack down on crypto ATM fraud. The FBI even reported $246M in scam losses in 2024.

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