Grayscale Investments, one of the most followed names by institutional investors in the cryptocurrency market, has published its updated crypto asset list for the third quarter of 2025. This list includes coins that Grayscale believes have high potential at the beginning of each quarter. While two new names such as Avalanche (AVAX) and Morpho (MORPHO) were added to the list, it was noteworthy that leading altcoins such as XRP and Cardano (ADA) were also excluded this quarter. The company also removed Lido DAO (LDO) and Optimism (OP) from the list.
This restructuring of Grayscale's Top 20 crypto asset list reflected changes in the market and differences in institutional investment strategies. On the other hand, the exclusion of XRP and ADA from the list again brought many questions to the sector. This decision, which came especially on the eve of the SEC's upcoming spot ETF decisions, was also found meaningful in terms of its timing.
Why are XRP and ADA still not on the list?
Despite the positive developments in regulation and increasing ETF possibilities, XRP and Cardano have failed to enter Grayscale's radar. According to Bloomberg analysts, the probability of ETF approval for XRP and Litecoin has increased to 95 percent. On the other hand, the SEC is expected to announce its decision on the proposed spot ETF applications for Avalanche and Cardano on July 13. This decision was previously postponed by 45 days.
Despite all these developments, Grayscale's distance from ADA and XRP continues. This situation, while disappointing investors, was also directly reflected in asset prices. After the publication of Grayscale's updated list, the XRP price fell by 4.8 percent and the ADA price by 2.9 percent. When looking at the data for the last month, XRP lost 9 percent and ADA lost 26 percent in value.
Grayscale's new favorite: Morpho
Morpho, which was included in the Q3 list, was one of the surprise members of the list. This DeFi-based asset attracted attention with the announcement of Morpho V2, which specifically targets institutional financial institutions. Grayscale stated that the growth in the on-chain lending space will continue and that Morpho can get a significant share of this growth. For this reason, MORPHO was included in the list instead of popular projects such as Lido DAO and Optimism. Avalanche (AVAX) also took its place on this quarterly list.
What other coins are on the list?
Grayscale's third quarter list includes a total of 20 crypto assets. Some of the other assets on the list include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Hyperliquid (HLP), Sui (SUI), Chainlink (LINK), Avalanche (AVAX), Uniswap (UNI), Aave (AAVE), and Bittensor (TAO).
The company's evaluation process is not based solely on price performance. Grayscale creates the list by taking into account industry trends, usage areas, liquidity status, and technological developments.
