Grayscale Stealthily Prepares for Exchange-Traded Funds (ETFs) Involving $ADA and $HBAR Through Delaware Trust Submissions

In a significant move for the cryptocurrency industry, Grayscale Investments has registered two new statutory trusts in Delaware for Cardano (ADA) and Hedera (HBAR). This is the first time Grayscale has registered Delaware-based altcoin ETF trusts for these digital assets.

The registered trusts, named Grayscale Cardano Trust ETF and Grayscale Hedera Trust ETF, provide the legal structure needed to advance applications for spot ETFs for these altcoins. ETF trusts, unlike private placement trusts, are designed for public trading on regulated exchanges and require SEC clearance.

Timeline and Regulatory Status

For Cardano (ADA), the SEC's review window is active, with industry analysts anticipating a decision potentially by late August 2025 but with possible extensions to mid-October. Market data estimate an approximately 75-83% probability of approval in this timeframe, reflecting growing confidence spurred by regulatory clarity, including ADA's classification as a commodity under the 2025 Clarity Act and improvements around staking activity not being treated as securities.

Grayscale's Delaware trust registration for Cardano on August 12, 2025, positions it for an SEC filing aiming at approval around October 15, 2025, following standard regulatory procedures for ETFs. The Cardano Trust filing was accompanied by positive market reaction, with ADA prices rising to multi-month highs, highlighting investor anticipation.

For Hedera (HBAR), similar statutory trust registration occurred on August 12, 2025, and the SEC already acknowledged Nasdaq’s 19b-4 form pertaining to the Hedera ETF earlier this year. This acknowledgment marks the beginning of the SEC’s review, though no specific decision timeline has been highlighted publicly yet.

Potential Impact on the Altcoin Market

The approval of these spot ETFs, particularly for Cardano, is widely anticipated to significantly boost institutional and retail investor confidence by providing a regulated, accessible investment vehicle tied directly to the underlying crypto assets.

Cardano's ETF filing coincides with broader institutional developments including strategic partnerships, governance enhancements, and technical upgrades (e.g., upcoming Hydra Layer 2), collectively strengthening its market position and liquidity. This institutional adoption narrative could accelerate if the ETF approval materializes, potentially increasing ADA’s market capitalization beyond its current $28.7 billion.

The Hedera ETF, while less detailed in public filings, would similarly enhance HBAR's appeal by adding regulated exposure channels, which might attract new capital inflows into the token and its ecosystem.

More broadly, successful approval of these Grayscale ETFs could signal a regulatory thaw for altcoin-based ETFs after Bitcoin and Ethereum spot ETF approvals, encouraging broader acceptance and inflows across altcoins with strong fundamentals.

Spot Bitcoin ETFs crossed $100 billion in cumulative volume within months of launch, and spot Ether ETFs saw billions in inflows within weeks, underscoring investor appetite for regulated crypto exposure. The SEC and Commodity Futures Trading Commission are developing Project Crypto, an undertaking to identify tokens that can be considered securities, which could help reduce regulatory uncertainty for altcoin ETFs.

Several U.S. firms are positioning for altcoin ETF launches, encouraged by the strong inflows into spot Bitcoin and Ethereum products since their debut. Traders on social media have flagged the Delaware filings for Cardano and Hedera as a bullish signal. Some analysts expect institutional accumulation ahead of any official approval, similar to the pre-launch activity seen in Bitcoin and Ether markets earlier this year.

In summary, Grayscale's Cardano and Hedera ETF filings are in advanced preparatory stages with the SEC, with Cardano’s decision expected soon (by October 15, 2025) and Hedera’s review ongoing. Approval of these ETFs is expected to positively impact the altcoin market by opening regulated investment avenues and bolstering institutional interest.

[1] CoinDesk. (2025, August 12). Grayscale Files for Cardano and Hedera ETFs. [Online]. Available: https://www.coindesk.com/business/2025/08/12/grayscale-files-for-cardano-and-hedera-etfs/

[2] Cointelegraph. (2025, August 13). Cardano (ADA) Price Analysis: 12 August. [Online]. Available: https://cointelegraph.com/news/cardano-ada-price-analysis-12-august

[3] The Block. (2025, August 13). Grayscale Files for Cardano ETF, Hedera ETF Approval Expected Soon. [Online]. Available: https://www.theblockcrypto.com/linked/119671/grayscale-files-for-cardano-etf-hedera-etf-approval-expected-soon

[4] Yahoo Finance. (2025, August 13). Grayscale Files for Cardano ETF, Anticipating October Approval. [Online]. Available: https://finance.yahoo.com/news/grayscale-files-cardano-etf-anticipating-171500711.html

[5] Coindesk. (2025, January 15). SEC Acknowledges Hedera ETF Filing, Kickstarting Regulatory Review. [Online]. Available: https://www.coindesk.com/business/2025/01/15/sec-acknowledges-hedera-etf-filing-kickstarting-regulatory-review/