Grayscale Investments has taken two significant steps to expand its cryptocurrency investment offerings, targeting Cardano (ADA) and Hedera (HBAR). The asset manager, in partnership with NYSE Arca, has filed an application with the U.S. Securities and Exchange Commission (SEC) to list a spot Cardano exchange-traded fund (ETF). The proposed product, named the Grayscale Cardano Trust, was submitted on February 10, 2026, with Coinbase Custody Trust Company designated as the custodian and BNY Mellon Asset Servicing as the administrator.
In a separate but related move, Grayscale has officially registered the Grayscale Cardano (ADA) Trust ETF and the Grayscale Hedera (HBAR) Trust ETF as statutory trusts in Delaware. The filings, made on Tuesday, list CSC Delaware Trust Company as the registered agent. This registration is a mandatory legal step to create the entities needed for potential ETF products but does not guarantee SEC approval.
These actions signal Grayscale's strategic push to diversify its product portfolio beyond its existing Bitcoin and Ethereum offerings. The firm is positioning itself to cater to growing investor demand for exposure to major altcoins within a regulated framework. Cardano is noted for its proof-of-stake blockchain focused on scalability, while Hedera utilizes hashgraph technology for fast, secure transactions.
The regulatory path forward, however, remains challenging. The SEC has demonstrated a cautious and hesitant approach toward approving altcoin-based ETFs. The commission has repeatedly delayed decisions on other Grayscale applications, including those for Solana and XRP ETFs. The decision deadline for the XRP ETF has been extended to October 18, 2025, and for the Solana ETF to November 2025.
Grayscale is not alone in this pursuit. The filing wave includes NYSE Arca's 19b-4 request to convert Grayscale's XRP Trust into a spot ETF and Cboe BZX Exchange's submissions for four asset managers—Canary Capital, WisdomTree, 21Shares, and Bitwise—to list the first spot XRP ETFs. Similarly, 21Shares, Bitwise, VanEck, and Canary Capital are competing to launch spot Solana ETFs.
If approved, a spot Cardano ETF would provide institutional and retail investors a new, regulated avenue to gain exposure to ADA without directly holding the cryptocurrency, potentially boosting liquidity and price stability. The fate of these filings hinges on the SEC's evaluation of market surveillance, custody solutions, valuation transparency, and investor protection standards.
