TLDR
- Grayscale registered Cardano and Hedera Trust ETFs in Delaware on August 12.
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These filings often precede S-1 forms with the U.S. Securities and Exchange Commission.
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The SEC has acknowledged 19b-4 filings for both ETF proposals earlier in 2025.
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Grayscale is expanding beyond Bitcoin and Ether into altcoin ETF offerings.
Grayscale Investments has officially registered the “Grayscale Cardano Trust ETF” and “Grayscale Hedera Trust ETF” in Delaware. The filings appeared on the state’s public registry portal on August 12, 2025. These trusts are set up as general statutory trusts and often serve as a precursor to formal ETF filings with the U.S. Securities and Exchange Commission.
Such moves typically align with Grayscale’s approach to launching crypto-related ETFs, with Delaware trust formations being an early signal. The filings do not confirm SEC approval but often lead to the next regulatory steps, such as S-1 registrations.
SEC Review Already Underway for Spot Cardano and Hedera ETFs
Earlier in 2025, the SEC acknowledged NYSE Arca’s 19b-4 form for the proposed spot Cardano ETF.
The agency also received Nasdaq’s 19b-4 form related to the Hedera ETF. These acknowledgments represent the beginning of the SEC’s review process.
At this stage, approval has not been granted, but recognition of these forms reflects early regulatory engagement. Grayscale appears to be following its established pattern—registering trusts first, then submitting formal ETF applications to federal regulators.
Altcoin ETF Strategy Expands Beyond Bitcoin and Ether
Grayscale has previously registered trusts for several alternative cryptocurrencies such as Dogecoin, Filecoin, Avalanche, and Bittensor. However, the Cardano and Hedera trust registrations are the first of their kind specifically targeting spot ETF products for these two networks.
Cardano is known for its scalability and peer-reviewed development model. Meanwhile, Hedera runs on a hashgraph consensus mechanism and is often focused on enterprise-grade applications. Both assets offer different technological foundations compared to Bitcoin and Ethereum.
Institutional interest in diversified digital asset exposure is increasing. The success of spot Bitcoin and Ether ETFs has prompted asset managers to broaden offerings into altcoin markets, particularly those with unique technical and governance models.
Regulatory Changes Support Broader Crypto ETF Landscape
The recent approval of in-kind redemption mechanisms for spot Bitcoin and Ethereum ETFs has improved market confidence. These mechanisms allow fund issuers to create and redeem shares in the actual asset rather than cash, reducing tax inefficiencies and improving ETF liquidity.
The SEC is also collaborating with the Commodity Futures Trading Commission through “Project Crypto.” The initiative is intended to clarify whether specific digital assets should be classified as securities or commodities. This effort is aimed at reducing uncertainty, which has historically limited institutional adoption of altcoins through regulated investment vehicles.
Grayscale’s registrations for Cardano and Hedera are taking place during this ongoing regulatory push. If the SEC approves both ETFs, it could provide investors with more options to gain crypto exposure without directly holding tokens.
