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As major U.S. exchanges push forward with crypto ETF applications, Nasdaq and NYSE Arca have submitted regulatory filings for Grayscale's Hedera fund and Bitwise's Dogecoin ETF, adding to the growing list of digital assets seeking exchange-traded product status.

The 19b-4 filings represent important steps in the approval process as the market for cryptocurrency investment products continues to evolve.

Both digital assets experienced price volatility following President Donald Trump's March 2 announcement of plans to create a strategic crypto reserve. Dogecoin briefly jumped above $0.21 before pulling back 7.4% over the past day, according to CoinMarketCap data as of Tuesday afternoon. Hedera traded up 2% over the past day, and it is up 30% over the past week.

Read More: Trump's Crypto Reserve Plan Jump Starts Crypto ETFs

Nasdaq filed its 19b-4 form on Friday to list shares of the Grayscale Hedera Trust , marking Grayscale's sixth altcoin-focused ETF application. NYSE Arca submitted a filing for Bitwise's Dogecoin ETF Monday.

Both filings come at a time when the Securities and Exchange Commission, under acting chair Mark Uyeda, has already acknowledged and published applications for ETFs linked to other cryptocurrencies, including Solana, XRP and Cardano.

Expanding the Landscape for Crypto ETFs

The 19b-4 filings represent the second part of a two-step process. Once acknowledged by the SEC, the filings will be published in the Federal Register , initiating a review process typically lasting 45 days.

Grayscale was among the first asset managers to file to convert its existing trusts into ETFs and now has spot ETF filings tracking Polkadot, XRP, Dogecoin, Cardano and Solana, in addition to Hedera.

Hedera distinguishes itself as a decentralized public network using the Hashgraph consensus algorithm rather than traditional blockchain technology, offering faster transaction speeds and lower costs, according to CoinMarketCap.

Nasdaq previously filed a 19b-4 form for Canary Capital's spot Hedera ETF in February, demonstrating growing interest in the enterprise-focused blockchain.

Dogecoin, meanwhile, continues to gain institutional interest despite its origins as a meme cryptocurrency.

Dogecoin has evolved into one of the ninth-largest cryptocurrencies by market capitalization and was included in President Trump's weekend announcement regarding plans for a U.S. strategic crypto reserve.

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