On August 12, Grayscale Investments registered new statutory trusts for Cardano and Hedera in Delaware, as the state has become ground zero for ETF launches in the U.S.
The new filings officially established the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF as statutory trusts. The registered agent, CSC Delaware Trust Company, is a frequent player in the ETF process.
Additionally, the trusts’ headquarters are at 251 Little Falls Drive, Wilmington. This is the same address used for Grayscale’s high-profile Bitcoin and Ethereum products.
These registrations mirror Grayscale’s established pattern: set up trusts to hold underlying crypto assets. They pave the way for SEC filings (like the S-1 or 19b-4 forms), and ultimately seek approval to launch regulated, tradable ETFs. Industry analysts agree that this step signals Grayscale’s intent to bring ADA and HBAR coins further into the mainstream investment landscape.
Road Ahead For Grayscale
Grayscale’s Cardano and Hedera trusts follow the SEC’s recent acknowledgment of 19b-4 forms submitted for spot versions of these ETFs. Cardano is listed on the NYSE Arca and Hedera via Nasdaq, indicating that formal regulatory discussions are already underway. While these filings are not approvals, they mark the beginning of SEC due diligence and public review phases that have historically led to ETF launches for Bitcoin and Ethereum.
Regulatory sentiment is becoming more favorable, bolstered by new in-kind redemption mechanisms for Bitcoin and Ethereum ETFs that improve liquidity and reduce tax inefficiencies. Ongoing collaboration between the SEC and Commodity Futures Trading Commission under the Project Crypto initiative is bringing long-awaited clarity to how digital assets are classified, a move that could accelerate spot ETF approvals for altcoins beyond the “big two”.
The SEC decisions on these new spot ETFs could be within months, given the recent streamlining of approval timelines. If granted, the Grayscale Cardano Trust ETF and Hedera Trust ETF would not only add diversity to U.S. crypto investment vehicles; they’d make Cardano and Hedera as easy to trade as any company listed on the Nasdaq or NYSE.
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