Grayscale Investments has taken a major step toward launching new altcoin ETFs by registering two new statutory trusts in Delaware for Cardano (ADA) and Hedera (HBAR). The filings, dated August 12, list the new entities as the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF.
These registrations follow Grayscale's past pattern of preparing for ETF launches, and they likely precede formal S-1 submissions to the U.S. Securities and Exchange Commission (SEC). The SEC has already acknowledged 19b-4 forms for both proposed ETFs, which is an initial step in the regulatory review process.
This move is part of a broader strategy by U.S. asset managers to expand their offerings beyond Bitcoin and Ether ETFs. The commercial success of these funds has increased institutional investor demand for regulated access to a wider range of digital assets.
The regulatory environment is becoming more favorable for these products. The SEC recently approved in-kind redemption mechanisms for Bitcoin and Ether ETFs, and the agency, along with the Commodity Futures Trading Commission, is working on "Project Crypto" to clarify the legal classification of digital assets. These initiatives are addressing key uncertainties for potential issuers.
If approved, the new spot Cardano and Hedera ETFs could significantly boost liquidity and market engagement for both tokens, providing institutional investors with new, regulated vehicles to gain exposure. Grayscale's Delaware filings indicate the firm is preparing the necessary groundwork for these products to go to market once they receive regulatory approval.
August 2025, Cryptoniteuae