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Grayscale Investments, a leading crypto asset manager, has filed for spot Cardano (ADA) and Hedera (HBAR) exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC) on August 12, 2025. These filings, registered as the Grayscale Cardano Trust ETF and Grayscale Hedera Trust ETF in Delaware, aim to provide investors with direct exposure to ADA and HBAR prices without managing cryptocurrencies themselves.
The move follows Grayscale’s successful Bitcoin and Ethereum ETF launches, reflecting growing institutional interest in altcoins. Cardano, known for its research-driven blockchain and scalability focus, and Hedera, designed for enterprise-grade distributed ledger solutions, are gaining traction. Approval of these ETFs could drive liquidity and mainstream adoption for both tokens, appealing to investors seeking regulated crypto investment options.
The SEC has acknowledged earlier filings, including NYSE Arca’s 19b-4 form for Grayscale’s Cardano ETF and Nasdaq’s for Hedera, marking initial steps in the regulatory process. While the SEC remains cautious about altcoin ETFs due to concerns over market manipulation and liquidity, recent approvals for Bitcoin ETF in-kind redemptions and the SEC’s “Project Crypto” initiative signal a shifting regulatory landscape.
Grayscale’s filings align with a broader push for altcoin ETFs, with prior applications for assets like Solana and XRP. Analysts estimate a 64% approval chance for Cardano’s ETF, fueled by its decentralized nature and institutional presence in products like Bitwise’s index funds.
If approved, these ETFs could redefine crypto investment, bringing Cardano and Hedera into the mainstream. Investors await the SEC’s decision, expected within 45 days, as Grayscale continues to bridge traditional finance and digital assets.
