Grayscale registers Cardano and Hedera trusts in Delaware as part of ETF expansion strategy

Grayscale has taken a key step in broadening its crypto investment portfolio by registering the Grayscale Cardano (ADA) Trust ETF and the Grayscale Hedera (HBAR) Trust ETF in Delaware.

The filings, made on Tuesday, officially establish both as statutory trusts, with CSC Delaware Trust Company acting as the registered agent in Wilmington.

The move signals Grayscale’s intent to expand beyond its existing Bitcoin and Ethereum offerings, positioning Cardano and Hedera within its product range.

While this registration is a crucial legal step, it does not ensure US Securities and Exchange Commission (SEC) approval for the ETFs, but it sets the stage for potential filings at the federal level.

Delaware registration sets groundwork for ETF listings

The ADA and HBAR trusts’ registration in Delaware formally creates the legal entities needed for possible ETF products.

Delaware is a preferred jurisdiction for many financial entities due to its established corporate laws and streamlined trust structures.

This process allows Grayscale to prepare for the next stages, including meeting SEC requirements for market surveillance, custody, valuation transparency, and investor protection.

While Delaware registration is mandatory for operational readiness, it does not equate to regulatory approval.

Instead, it functions as the initial step before submitting federal documentation such as the S-1 or 19b-4 forms that are required for ETF listings on US exchanges.

These filings are often followed by detailed reviews, during which the SEC evaluates compliance with investor protection and trading integrity standards.

SEC review timelines for other Grayscale ETF applications

Grayscale’s expansion into Cardano and Hedera follows a series of applications for other cryptocurrency ETFs, including Dogecoin, Solana, and XRP.

These filings have faced repeated delays from the SEC, reflecting ongoing scrutiny of crypto-based exchange-traded products in the US market.

The regulatory body has extended the deadline for a decision on the XRP ETF to 18 October 2025, while the Solana ETF decision has been pushed back to November 2025.

These delays underscore the cautious approach the SEC is taking toward approving new crypto ETFs, even as investor interest grows.

In addition to these high-profile applications, the firm continues to explore opportunities for adding further altcoin-based products, aiming to stay ahead in an increasingly competitive ETF landscape.

Market positioning beyond Bitcoin and Ethereum

By moving to register ADA and HBAR trusts, Grayscale is diversifying its product portfolio to cater to broader investor demand in the cryptocurrency market.

Cardano is known for its proof-of-stake blockchain with a focus on scalability and sustainability, while Hedera offers a decentralised public network using hashgraph technology for faster and more secure transactions.

The registrations come amid increasing competition among asset managers to offer a wider range of crypto investment vehicles, as institutional and retail investors look beyond the two dominant cryptocurrencies.

This could potentially attract a wider investor base once regulatory approvals are secured, although the exact timeline for ETF launches remains uncertain.

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