SEC delays Grayscale Cardano ETF decision to October 26, 2025

The U.S. Securities and Exchange Commission has pushed back its decision on the Grayscale Cardano ETF application to October 26, 2025 [1]. The filing, originally submitted by NYSE Arca in February, proposes a commodity-based trust that would enable investors to gain exposure to Cardano (ADA) through a traditional ETF structure [2]. The extension indicates the SEC’s need for additional time to review the product's compliance with existing regulations and to assess broader market implications [3].

The delay mirrors a consistent pattern in the SEC’s handling of crypto ETF applications, with similar extensions granted to the Canary PENGU and WisdomTree XRP ETFs [4]. These proposals, now subject to final decisions by October 12 and October 24, 2025, respectively, reflect a broader regulatory scrutiny of digital asset investment vehicles [5]. The SEC has emphasized the importance of evaluating market stability, investor protection, and the adequacy of custody solutions for digital assets before granting approval [6].

Grayscale, which already manages ETF-style products for Bitcoin and Ethereum, has positioned the Cardano ETF as a tool to enhance transparency and accessibility for retail and institutional investors [7]. The proposed structure would allow investors to hold exposure to ADA without directly owning or managing the underlying tokens [8]. If approved, it could mark a significant step toward mainstream adoption of Cardano within traditional financial systems [9].

The extended review period has introduced uncertainty for market participants, despite rising interest in crypto-linked investment products [10]. While the SEC’s October 2025 deadline for the Grayscale Cardano ETF is firm, other proposals like the Canary PENGU ETF may still qualify for further extensions [11]. This distinction underscores the varied regulatory treatment of different crypto ETF applications [12].

The SEC’s cautious approach reflects a broader emphasis on regulatory compliance and risk assessment [13]. While the agency has acknowledged the potential benefits of increased market access and investor choice, it continues to prioritize ensuring that digital asset products meet existing legal and financial standards [14]. The October 2025 deadlines will serve as a key regulatory milestone, determining whether these proposed crypto ETFs can proceed or face additional hurdles [15].

Source:

[1] Blockonomi (https://blockonomi.com/sec-extends-grayscale-cardano-etf-decision-to-october-2025/)

[2] CoinGape (https://coingape.com/sec-pushes-back-decision-on-grayscales-cardano-etf/)

[3] WorldCoinIndex (https://www.worldcoinindex.com/news/sec-pushes-back-decisions-on-pengu-and-cardano-etfs-as-october-deadlines-loom)

[4] AInvest (https://www.ainvest.com/news/sec-delays-grayscale-ada-canary-pengu-etf-decisions-october-2025-due-regulatory-concerns-2508/)

[5] blockchainmagazine.net (https://blockchainmagazine.net/sec-pushes-decision-grayscales-cardano-etf/)

[6] MEXC (https://www.mexc.com/news/sec-postpones-decision-on-these-2-spot-crypto-etfs/74036)

[7] AInvest (https://www.ainvest.com/news/regulators-delay-cardano-etf-altcoin-ambitions-shape-2508/)

[9] CaptainAltcoin (https://captainaltcoin.com/heres-how-high-cardano-price-could-go-if-us-banks-adopt-ripple-tech/)