Bitcoin News Today: Grayscale Registers Cardano and Hedera ETF Trusts in Delaware

Grayscale has registered the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF as statutory trusts in Delaware, a procedural step often followed by formal S-1 filings with the U.S. Securities and Exchange Commission (SEC) [1]. The entities were officially added to Delaware’s registration portal on August 12, 2025, with CSC Delaware Trust Company listed as the registered agent [2]. These registrations are the first of their kind for Cardano (ADA) and Hedera (HBAR) within Grayscale’s ETF structure, though the firm already offers private investment trusts for altcoins such as Dogecoin (DOGE), Filecoin (FIL), Avalanche (AVAX), and Bittensor (TAO) [3].

The move aligns with Grayscale’s established practice of using Delaware trust registrations as a precursor to launching ETFs. Earlier this year, the SEC acknowledged NYSE Arca’s 19b-4 filing for the Grayscale Cardano ETF and Nasdaq’s submission for the Hedera ETF, indicating that the regulator is actively monitoring these proposed products [5]. While no final approvals have been issued, the Delaware registrations strongly suggest that S-1 filings may be in preparation [4].

On the same day as the Delaware filings, Grayscale also announced two new investment trusts: one focused on DeepBook (DEEP) and another on Walrus (WAL), both native to the Sui blockchain. These offerings expand Grayscale’s exposure to emerging protocols that support decentralized trading and data infrastructure [6]. The simultaneous announcements highlight the firm’s strategic push to diversify its crypto investment portfolio beyond the dominant Bitcoin and Ethereum.

The broader market for crypto ETFs is gaining traction, especially after the successful launch of spot Bitcoin and Ether ETFs. This momentum has prompted asset managers to explore altcoin-based products, particularly those with substantial market capitalizations and active ecosystems [1]. The SEC’s recent approval of in-kind redemption mechanisms for BTC and ETH ETFs has further boosted confidence in the sector [7]. Meanwhile, regulatory clarity is being pursued through initiatives like the SEC’s Project Crypto, a joint effort with the Commodity Futures Trading Commission (CFTC) to establish clear classification standards for digital assets [4].

If Grayscale proceeds with S-1 filings for the Cardano and Hedera trusts, the products could become the first publicly traded altcoin ETFs in the U.S. Such a development would represent a significant milestone for institutional and retail investors seeking to diversify their exposure across the crypto market. It would also signal a maturing regulatory environment, where altcoins are increasingly viewed as viable investment assets.

The Delaware registrations underscore Grayscale’s ambition to remain at the forefront of the altcoin ETF space. While the firm has not confirmed a timeline for the next steps, the filings indicate that it is actively preparing for potential SEC submissions. The firm’s expansion into Sui-based protocols reflects its broader strategy to capture opportunities in the rapidly evolving blockchain landscape [6].

Sources:

[1] https://www.theblock.co/post/366692/grayscale-cardano-hedera-etf-delaware

[2] https://coinpedia.org/news/etf-news-grayscale-registers-cardano-and-hedera-trusts-sec-decision-still-looms/

[3] https://www.coingabbar.com/en/crypto-currency-news/grayscale-hedera-etf-cardano-trust-hint-sec-filings?srsltid=AfmBOoqizzs3xSd1fTx7HK60RuahmXPL6qBC6y_d6M5k50JRk7FOE9hU

[4] https://www.tradingview.com/news/cryptonews:0c9c2317b094b:0-grayscale-moves-toward-spot-cardano-and-hedera-etfs-with-new-filings/

[5] https://www.bitrue.com/blog/delaware-added-grayscale-cardano-trust-etf-and-hedera-trust-etf