Grayscale Registers Cardano and Hedera ETFs in Delaware

Grayscale Investments has taken another step toward expanding its altcoin ETF offerings, registering the Grayscale Cardano Trust ETF and Grayscale Hedera Trust ETF on Delaware’s official corporate registry this Tuesday.

Historically, such state-level registrations have often preceded the filing of an official S-1 form with the U.S. Securities and Exchange Commission (SEC). Earlier this year, the SEC acknowledged NYSE Arca’s 19b-4 application for Grayscale’s spot Cardano ETF and Nasdaq’s 19b-4 form for its Hedera ETF, indicating that the regulatory process is already in motion.

These are Grayscale’s first Cardano and Hedera ETF trust registrations in Delaware, though the asset manager already operates similar altcoin investment trusts for Dogecoin, Filecoin, Avalanche, and Bittensor. In a separate move on Tuesday, Grayscale also launched two new investment trusts offering exposure to DeepBook and Walrus, two projects providing trading and data infrastructure within the Sui blockchain ecosystem.

Src: Mark (X)

The push toward altcoin ETFs comes amid strong market appetite following the success of spot Bitcoin and Ether ETFs. Institutional optimism is also being buoyed by positive regulatory developments in Washington, including the SEC’s recent approval of in-kind redemptions for BTC and ETH funds.

Additionally, the SEC is advancing its joint “Project Crypto” initiative with the Commodity Futures Trading Commission (CFTC). The project aims to clarify the legal classification of digital assets, determining which are securities and which are not, a long-standing concern that has deterred many financial institutions from entering the crypto space.

If the SEC greenlights Grayscale’s new altcoin ETFs, Cardano and Hedera could soon join the growing list of cryptocurrencies available through regulated U.S. exchange-traded products, further opening the door for institutional exposure.

Grayscale Crypto ETFs

Ticker	Product Name	Notes
GBTC	Grayscale Bitcoin Trust ETF	Spot Bitcoin ETF; flagship product
BTC	Grayscale Bitcoin Mini Trust ETF	Lower-cost Bitcoin ETF option
ETHE	Grayscale Ethereum Trust ETF	Spot Ethereum ETF
ETH	Grayscale Ethereum Mini Trust ETF	Lower-cost Ethereum ETF option
BTCC	Grayscale Bitcoin Covered Call ETF	Listed on third-party sites; may not be active
MNRS	Grayscale Bitcoin Miners ETF	Tracks Bitcoin mining companies
BPI	Grayscale Bitcoin Premium Income ETF	Appears in third-party listings; check availability

Src: The Block