SEC Pushes Back Decision on Grayscale’s Cardano ETF

The United States Securities and Exchange Commission has extended its review of the proposed Cardano ETF listing. The decision was due on August 27 but has now been pushed back to October 26, 2025.

SEC Sets October Deadline for Grayscale Cardano ETF Decision

The proposal was first filed in February by NYSE Arca to list and trade shares of the Grayscale Cardano ETF under its commodity-based trust shares rule. NYSE Arca updated the filing with amendments, and the SEC invited public comments earlier this year.”

Regulators often extend deadlines when they want more time to evaluate investor protections and market structure issues. The SEC document revealed that the agency will reach a final decision on this Cardano ETF by late October.

The proposed Cardano ETF would allow investors to gain exposure to blockchain’s native token (ADA) without directly buying or storing the token. Grayscale already operates similar trusts for Bitcoin and Ethereum, both of which passed through lengthy regulatory reviews.

Such a review is of importance to Cardano. An effective listing of the Cardano ETF would enhance mainstream accessibility to ADA through traditional brokerages. A recent Cardano Grayscale ranking is proof of growing institutional attention in ADA.

Meanwhile, a denial would disrupt efforts by Grayscale and other investors who seek access to Cardano’s native token through a regulated means. The new date is October 26, 2025. On that date, the SEC can accept or reject the application to list the Grayscale Cardano ETF.

The SEC followed the same pattern with past crypto-related proposals. In this case, officials said they want sufficient time to study the Cardano ETF proposal and the issues raised. Grayscale has argued that listing its crypto trusts on public exchanges would provide more transparency, better pricing, and easier access for investors.

SEC Extends Review of Canary PENGU and WisdomTree XRP ETFs

Similar to the delay on Grayscale’s Cardano ETF, the U.S. top regulator has also delayed its decision on the proposed Canary PENGU and WisdomTree XRP ETFs. The new deadline for action is October 12. By that date, the SEC must approve, reject, or begin formal disapproval proceedings.

The Commission stated in its latest update that it needs more time to review the details before making a decision. The Canary PENGU product was filed by Cboe BZX Exchange, seeking approval to list and trade shares as a commodity-based trust. The original filing was submitted in June, followed by two amendments in July to refine the proposal.