Grayscale Pushes Altcoin ETFs Forward with Cardano and Hedera Filings

Grayscale Investments has taken a significant step toward expanding its crypto ETF offerings by registering the “Grayscale Cardano Trust ETF” and “Grayscale Hedera Trust ETF” in Delaware on August 12, 2025.

These trust formations are often the first step before filing with the U.S. Securities and Exchange Commission (SEC), a process that could soon open the door for regulated, exchange-traded investment products tied directly to ADA and HBAR.

Earlier in 2025, the SEC acknowledged 19b-4 filings from NYSE Arca for a spot Cardano ETF and from Nasdaq for a Hedera ETF, marking the start of its review process. While approval is not guaranteed, analysts see these trust registrations as part of Grayscale’s well-established strategy, launching trusts first, then submitting full ETF applications.

Cardano and Hedera Poised for Wider Institutional Access

Grayscale’s move signals a push beyond its traditional focus on Bitcoin and Ethereum ETFs into the altcoin market.

Cardano, known for its scalability and peer-reviewed blockchain development, and Hedera, operating on a hashgraph consensus model tailored for enterprise applications, offer unique technological propositions that stand apart from the crypto giants.

Investor appetite for diversified digital asset exposure has been growing, fueled by the success of spot Bitcoin and Ether ETFs. Cardano is currently ranked third in Grayscale’s performance rankings following a 6.3% weekly gain, boosted by the upcoming SEC decision on its ETF application, analysts estimate a 75% chance of approval.

Meanwhile, Hedera’s strong enterprise adoption could attract institutional players seeking blockchain solutions beyond payment networks.

Regulatory Tailwinds Could Boost Approval Odds

The regulatory climate for crypto ETFs is improving. Recent approval of in-kind redemption mechanisms for spot Bitcoin and Ethereum ETFs has boosted investor confidence by improving liquidity and tax efficiency.

Additionally, the SEC’s collaboration with the Commodity Futures Trading Commission through “Project Crypto” aims to clarify the classification of digital assets, reducing uncertainty for issuers and investors.

If approved, the Cardano and Hedera ETFs would allow investors to gain exposure to these assets through traditional brokerage accounts, no private keys, no wallets, and no direct token management. This could significantly broaden participation, enhance liquidity, and drive price momentum.

Grayscale’s latest filings represent more than routine paperwork, they are part of a growing trend that could redefine how investors engage with altcoins. As regulatory reviews progress, the potential approval of ADA and HBAR ETFs may mark the next major leap in bringing the broader crypto market into mainstream portfolios.