Two new asset registrations, the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF, have appeared on the official corporate registration portal of the US state of Delaware. This development suggests that Grayscale, the Bitcoin and altcoin asset management giant, may be preparing to launch spot exchange-traded funds (ETFs) for Cardano (ADA) and Hedera (HBAR).
The registrations in question are dated August 12, and both funds are listed under a general statutory trust structure. Similar registrations have typically been seen in the past prior to S-1 filings with the US Securities and Exchange Commission (SEC). S-1 filings are among the mandatory steps for an ETF to be listed on an exchange.
Earlier this year, the SEC officially accepted NYSE Arca's Form 19b-4 filing for Grayscale's spot Cardano ETF and Nasdaq's form for its Hedera ETF. This acceptance marks the first phase of the regulatory review process.
First Altcoin ETF Registrations
These new registrations mark Grayscale's first altcoin ETF trust registrations on the Delaware portal for Cardano and Hedera. The company previously held investment trust registrations for other altcoins such as Dogecoin, Filecoin, Avalanche, and Bittensor.
On the same day, Grayscale also announced two new investment trusts offering investment in native tokens of the DeepBook and Walrus projects operating on the Sui blockchain ecosystem. These projects specialize in providing trading and data infrastructure.
Altcoin ETF push strengthens in the US
According to market analysts, these steps are part of an expansion strategy by US asset managers into altcoin-based ETFs. The commercial success of Bitcoin and Ethereum-based spot ETFs is increasing demand from institutional investors for regulated access to a broader range of crypto assets.
While Cardano is known for its research-driven development model and emphasis on scalability, Hedera offers an alternative distributed ledger technology focused on institutional use cases. Therefore, approving spot ETFs for both assets could provide investors with secure access through traditional market structures.
Positive Regulatory Environment
Recently, the regulatory environment in the US has been shifting in favor of these types of products. As previously reported, the SEC's approval of the in-kind redemption mechanism for spot Bitcoin and Ethereum ETFs has paved the way for increased applications for other crypto assets.
Furthermore, the SEC, in conjunction with the Commodity Futures Trading Commission (CFTC), is conducting an initiative called "Project Crypto." This project aims to clarify how digital assets are classified under US law. This aims to resolve long-standing uncertainties in the sector by determining which tokens qualify as securities.
Last month, Grayscale also confidentially filed an IPO with the SEC.
