- Grayscale has registered the Cardano Trust ETF and Hedera Trust ETF in Delaware, a move that often precedes SEC S-1 filings.
- The registrations come amid growing industry momentum for altcoin ETFs, fueled by recent regulatory progress and the SEC’s push to clarify digital asset classifications.
Delaware’s official registration portal has officially added the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF to its list of recognized entities, sparking speculation that formal filings with the U.S. Securities and Exchange Commission (SEC) may soon follow.
Historically, such entity registrations have been a precursor to S-1 filings, the formal step required to launch an exchange-traded fund in the United States. Earlier this year, the SEC acknowledged NYSE Arca’s 19b-4 filing for Grayscale’s proposed spot Cardano ETF and Nasdaq’s filing for the Hedera ETF, indicating these products were already on the regulator’s radar.
This marks the first time Grayscale has registered altcoin ETF trusts for Cardano and Hedera on Delaware’s portal. However, the digital asset manager is no stranger to altcoin-focused investment vehicles.
It already operates trusts tied to assets like Dogecoin (DOGE), Filecoin (FIL), Avalanche (AVAX), and Bittensor (TAO), although those are structured as private investment products rather than publicly traded ETFs.
The timing of the move is notable. On the same day as the Delaware registrations, Grayscale also rolled out two new investment trusts offering exposure to DeepBook and Walrus, both native tokens powering trading and data infrastructure within the Sui blockchain ecosystem.
The expansions reflect Grayscale’s aggressive push to diversify its offerings beyond Bitcoin and Ethereum, which have dominated the ETF conversation so far.
The broader U.S. market for cryptocurrency ETFs is heating up. Following the immense success of spot Bitcoin ETFs and the growing adoption of spot Ether ETFs, asset managers are now turning their attention to altcoins. Investor appetite is strong, particularly for projects with significant market caps and active ecosystems like Cardano (ADA) and Hedera (HBAR).
Industry optimism is being bolstered by regulatory momentum in Washington. The SEC recently approved in-kind redemptions for spot BTC and ETH ETFs, streamlining operational efficiencies for issuers. Furthermore, the agency is advancing “Project Crypto” in partnership with the Commodity Futures Trading Commission (CFTC).
This initiative aims to deliver a clear classification framework for digital assets, clarifying which tokens are securities and which are not, a critical uncertainty that has kept many firms on the sidelines.
If Grayscale proceeds with S-1 filings, these Cardano and Hedera products could become among the first publicly traded altcoin ETFs in the U.S., opening new channels for institutional and retail investors alike. Such a milestone would not only expand market access but also signal a maturing landscape for regulated crypto investment products.
While Grayscale has yet to confirm the timeline for next steps, the Delaware registrations are an undeniable signal that the race to bring altcoin ETFs to market is accelerating, and Grayscale intends to be at the front of the pack.
