Grayscale Positions for Cardano and Hedera ETFs with Strategic Filings
Grayscale Investments is advancing its ambitions in the cryptocurrency ETF market by initiating a key step toward potential spot exchange-traded funds for Cardano (ADA) and Hedera (HBAR). According to public records from Delaware’s corporate registry, the asset manager has officially registered two statutory trusts: the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF.
The filings, dated August 12, 2025, organize both entities as general statutory trusts — a structure the company has consistently used in the early stages of its ETF launches. This procedural move mirrors a pattern Grayscale has followed in the past before submitting S-1 registration statements to the U.S. Securities and Exchange Commission (SEC), which are required before any ETF can begin trading.
Industry observers note that these Delaware registrations align with prior steps taken for other digital asset funds, making them a likely precursor to formal SEC filings. This development builds on earlier progress in 2025, when the SEC acknowledged NYSE Arca’s 19b-4 submission for a proposed spot Cardano ETF and Nasdaq’s equivalent form for a Hedera ETF. Those acknowledgments represented the start of the SEC’s official review process.
Strategic Expansion into Altcoin ETFs
The registrations for Cardano and Hedera mark the first time Grayscale has formally moved toward ETF products for these two altcoins within Delaware. While the company already operates investment trusts for several other alternative cryptocurrencies — including Dogecoin, Filecoin, Avalanche, and Bittensor — the shift toward ADA and HBAR reflects a broader diversification strategy.
Beyond these filings, Grayscale has recently introduced two new trusts providing exposure to tokens from blockchain projects DeepBook and Walrus, both of which operate on the Sui network. DeepBook specializes in on-chain trading infrastructure, while Walrus focuses on blockchain-based data services.
This expanding product portfolio indicates a clear push by U.S.-based asset managers to enter the regulated altcoin ETF space. The commercial success of spot Bitcoin and Ether ETFs earlier this year has played a significant role in driving this momentum. These flagship products have demonstrated strong demand from institutional investors, paving the way for funds tied to other digital assets.
Why Cardano and Hedera Stand Out
Cardano is widely recognized for its research-first approach to blockchain technology, emphasizing academic peer review and methodical development. Its proof-of-stake network focuses on scalability, interoperability, and energy efficiency, making it a frequent topic of discussion among blockchain developers and long-term investors.
Hedera, by contrast, uses a hashgraph consensus mechanism rather than a traditional blockchain. This design enables high transaction throughput, low fees, and strong security features. Hedera’s governance model — led by a council of global enterprises — positions it as a platform suited for enterprise-grade applications, such as supply chain management, digital identity, and micropayments.
If spot ETFs for ADA and HBAR gain approval, they could offer new, regulated entry points for investors who prefer to gain exposure to these assets without directly holding tokens. This approach may appeal particularly to institutions and individuals operating under strict compliance requirements.
Favorable Shifts in the Regulatory Climate
Recent developments in the U.S. regulatory environment appear to be creating more favorable conditions for altcoin ETFs. In a significant move, the SEC approved in-kind redemption mechanisms for spot Bitcoin and Ether ETFs, simplifying the operational structure for asset managers and potentially setting a precedent for similar products.
Moreover, the SEC and the Commodity Futures Trading Commission are working jointly on an initiative dubbed “Project Crypto.” This program aims to provide clearer definitions for how various digital assets are classified under U.S. law, including determining which tokens should be treated as securities. Such clarity could resolve long-standing uncertainties that have historically hindered ETF issuers from pursuing funds tied to certain cryptocurrencies.
Market strategists believe that once classification issues are settled, the path will be more open for regulated investment vehicles covering a wider range of digital assets. Cardano and Hedera, both with established networks and identifiable use cases, may benefit significantly from this shift.
Broader Business Ambitions
Grayscale’s ETF strategy is part of a larger plan to expand its market presence across both retail and institutional segments. In July, the company confidentially filed for a U.S. initial public offering, underscoring its growth ambitions beyond cryptocurrency funds alone.
The Delaware trust registrations for Cardano and Hedera come as Grayscale continues to position itself as a first mover in the altcoin ETF space. Analysts say that securing approval for these products could strengthen the firm’s reputation as a leading provider of regulated digital asset investment solutions.
Potential Market Impact
If the SEC ultimately grants approval for these spot ETFs, analysts expect a measurable impact on market liquidity and investor participation for both ADA and HBAR. Regulated ETFs can attract large-scale capital inflows from institutional players, including pension funds, hedge funds, and wealth managers who might otherwise be restricted from holding unregulated digital assets.
Historically, ETF listings have also improved price discovery, enhanced trading volumes, and broadened overall market engagement for the underlying assets. In the case of Cardano and Hedera, this could translate into increased network visibility, more active staking participation, and greater development activity on both platforms.
While the regulatory review process can be lengthy, the Delaware filings signal that Grayscale is preparing its groundwork well in advance. This proactive approach gives the company a competitive advantage should the regulatory climate turn decisively in favor of altcoin ETFs.
Looking Ahead
For now, the focus will remain on how quickly Grayscale moves from trust registration to formal SEC submission. The speed of that transition may depend on both market conditions and ongoing developments in U.S. crypto policy.
With institutional appetite for diversified digital asset exposure growing, the potential approval of Cardano and Hedera ETFs could mark another pivotal chapter in the evolution of cryptocurrency investing. Grayscale’s latest move demonstrates its intent to be at the forefront of that change, positioning itself to capture a share of the next wave of capital entering the market.
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