Cardano & Hedera ETFs Incoming? Grayscale’s Latest Move Sparks Altcoin ETF Frenzy - Crypto Economy

TL;DR

• Cardano and Hedera trusts filed: Grayscale formed general statutory trusts in Delaware for ADA and HBAR, a step that has often preceded S-1 submissions.
• Regulatory path and hurdles: Any ETF still requires an S-1 and a 19b-4, with the SEC focused on surveillance, pricing integrity, custody, and investor protection, and timelines shaped by token-specific data, liquidity, and classification considerations.
• Market momentum and next signals: Altcoin ETF interest builds on Bitcoin and Ether fund successes as managers race for exposure, while Grayscale’s Sui trusts highlight breadth.

Grayscale has established new statutory trusts in Delaware for Cardano and Hedera, sparking speculation that spot ETFs for ADA and HBAR might be next. The entities appeared on the state’s registry, a step that has often preceded federal filings. Delaware registration is not approval, yet it signals clear intent and readiness.

What Grayscale filed in Delaware

The listings display the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF, which are set up as general statutory trusts, a format the company has utilized before their launches. News outlets report similar Delaware steps have preceded S-1 submissions.

Earlier this year, the SEC recognized NYSE Arca’s 19b-4 for Cardano and Nasdaq’s 19b-4 related to a Hedera product, starting a review. Grayscale also holds altcoin trust registrations for Dogecoin, Filecoin, Avalanche, and Bittensor.

Regulatory pathway and timing


Delaware creates the legal wrapper and governance tracks, but an ETF still requires an S-1 for disclosures and a 19b-4 to approve exchange rule changes. The SEC weighs market surveillance, pricing integrity, custody, and investor protection. Recent approvals of in-kind redemptions for spot Bitcoin and Ether ETFs improved confidence, though each token carries distinct data, liquidity, and classification questions that can extend timelines.

Market context and competitive landscape

Altcoin ETF momentum reflects the commercial success of Bitcoin and Ether funds and rising institutional demand for regulated exposure. Asset managers are racing to plant flags in credible networks. On the same day as the Delaware listings, Grayscale launched single asset trusts for DeepBook and Walrus on Sui, underscoring a broader multichain product strategy.

What to watch next

Investors will watch for formal S-1 filings, exchange partners, and any surveillance sharing agreements that satisfy the SEC’s market integrity standards. Clear, institutional custody and robust liquidity for ADA and HBAR will be essential to pass listing reviews and support primary market operations.

Pricing methodologies, valuation frequency, and creation redemption mechanics will also be scrutinized to mitigate tracking error. Parallel work by the SEC and CFTC under Project Crypto, aimed at clarifying token classifications, could meaningfully influence the pace.