Overview

• The SEC’s Division of Trading and Markets invoked its full 60-day extension to move final rulings on Bitwise, 21Shares, Canary Capital and Marinade Finance applications to October 16, 2025.
• The agency said the extra time is needed to evaluate proposed rule changes under BZX Rule 14.11(e)(4), surveillance-sharing agreements and market manipulation safeguards.
• By using its maximum procedural extension, the SEC has exhausted routine delay options for this review cycle and faces no further extensions before mid-October.
• Bloomberg analysts James Seyffart and Eric Balchunas have raised approval odds to roughly 95% as issuers continue to amend filings and engage with regulators.
• A broader queue of firms including VanEck, Grayscale, CoinShares, Franklin Templeton, Fidelity and Invesco Galaxy remains under review, while BlackRock has opted out of pursuing a Solana ETF.