Grayscale Moves Toward Spot Cardano and Hedera ETFs with New Filings

Grayscale Investments has registered two new statutory trusts in Delaware for Cardano and Hedera, signaling it may be preparing to launch spot exchange-traded funds for both assets.

The filings, dated Aug. 12, list the entities as the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF, both organized as general statutory trusts.

The registrations appear on Delaware’s official corporate records portal and follow a pattern the asset manager has used before when preparing for ETF launches. Similar filings have often preceded S-1 submissions to the US SEC, a required step before a fund can begin trading.

Earlier this year, the SEC acknowledged NYSE Arca’s 19b-4 form for Grayscale’s proposed spot Cardano ETF and Nasdaq’s form for a Hedera ETF. Those acknowledgments marked the first stage in the regulatory review process.

Cardano and Hedera Trusts Mark Next Phase of Grayscale’s ETF Strategy

These new trusts are Grayscale’s first altcoin ETF registrations in Delaware for Cardano (ADA) and Hedera (HBAR). The firm has already registered investment trusts for other alternative cryptocurrencies, including Dogecoin, Filecoin, Avalanche and Bittensor.

The move comes alongside the launch of two separate Grayscale trusts offering exposure to the native tokens of DeepBook and Walrus, projects that provide trading and data infrastructure on the Sui blockchain.

Industry analysts view these steps as part of a broader push by US asset managers to expand into altcoin-based ETFs, building on the commercial success of spot Bitcoin and ether funds.

That success has drawn increasing interest from institutional investors seeking regulated exposure to a wider range of digital assets.

Regulatory Tailwinds Strengthen Case for Altcoin ETFs

Cardano is known for its research-driven approach to blockchain development. It also focuses heavily on scalability. Meanwhile, Hedera offers an alternative distributed ledger model, and it is designed for enterprise use cases. Therefore, ETF listings for these tokens could open new access points for investors. They would appeal to those who prefer traditional market structures over direct token purchases.

The regulatory environment is now shifting in favor of such products. Recently, the SEC approved in-kind redemption mechanisms for spot Bitcoin and Ether ETFs. As a result, this decision has encouraged more filings linked to other cryptocurrencies.

The SEC and the Commodity Futures Trading Commission are also working together on “Project Crypto.” This initiative aims to clarify how digital assets are classified under US law. As part of this effort, regulators are determining which tokens should be considered securities. Consequently, this addresses a long-standing uncertainty for potential issuers.

Last month, Grayscale also confidentially filed for a US initial public offering with the SEC, underscoring its ambitions to broaden its market presence.

If approved, spot Cardano and Hedera ETFs could boost liquidity and market engagement for both tokens, while providing institutional investors with new, regulated vehicles to gain exposure. The Delaware filings indicate Grayscale is laying the groundwork to bring these products to market once regulatory clearance is secured.