Grayscale Advances Spot Cardano and Hedera ETFs with Delaware Trust Filings

Grayscale Investments has taken a significant step towards expanding its cryptocurrency ETF offerings by registering two new statutory trusts in Delaware: the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF. This move, completed on August 12, 2025, is widely interpreted as a precursor to official S-1 filings with the U.S. Securities and Exchange Commission (SEC), signaling a potential launch of spot ETFs for both Cardano (ADA) and Hedera (HBAR).

Grayscale's Strategic Expansion into Altcoin ETFs

These registrations follow a pattern Grayscale has employed for previous ETF launches, with Delaware trust formations often preceding formal applications to the SEC. The SEC has already acknowledged 19b-4 forms for Grayscale's proposed spot Cardano ETF and Hedera ETF earlier this year, marking the initial stage of regulatory review.

• Grayscale has registered new trusts for Cardano and Hedera ETFs in Delaware.

• This move is seen as a precursor to official S-1 filings with the SEC.

• The SEC has previously acknowledged 19b-4 forms for these proposed ETFs.

Altcoin ETF Ambitions Gain Momentum

This development is part of a broader trend among U.S. asset managers to expand into altcoin-based ETFs, spurred by the commercial success of spot Bitcoin and Ether ETFs. Grayscale has previously registered investment trusts for other alternative cryptocurrencies, including Dogecoin, Filecoin, Avalanche, and Bittensor. The Cardano and Hedera trust registrations are notable as they specifically target spot ETF products for these networks.

Regulatory Tailwinds and Market Impact

The regulatory landscape is becoming more favorable for such products. The SEC's recent approval of in-kind redemption mechanisms for spot Bitcoin and Ether ETFs has boosted market confidence and encouraged further filings. Additionally, initiatives like "Project Crypto," a collaboration between the SEC and the Commodity Futures Trading Commission, aim to clarify the classification of digital assets, reducing uncertainty for potential issuers.

If approved, spot Cardano and Hedera ETFs could significantly enhance liquidity and market engagement for both tokens. They would also provide institutional investors with regulated avenues to gain exposure to these digital assets through traditional market structures, rather than direct token purchases. This expansion by Grayscale underscores the growing institutional interest in diversified digital asset exposure.

Sources

• Grayscale Registers Cardano and Hedera Trust ETFs, Phemex.

• Grayscale Moves Toward Spot Cardano, Hedera ETFs, Cryptonews.

• Grayscale registers Cardano, Hedera Trust ETF entities in Delaware, signaling potential S-1 filings, The Block.

• Grayscale Registers Delaware Trusts for Cardano and Hedera ETFs, CoinCentral.

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