Grayscale submit S-1 Filings for Cardano and Polkadot ETFs

TLDR

• Grayscale Files S-1 for Cardano ETF, Targets NYSE Arca With Ticker GADA
• Polkadot ETF Filing Joins Grayscale’s Push for Altcoin Investment Access
• Grayscale Advances Cardano, Polkadot ETFs Amid SEC’s Sluggish Review
• Crypto ETF Race Expands as Grayscale Eyes Altcoins With New SEC Filings
• Altcoin ETFs Gain Traction: Grayscale Targets Regulated Exposure for ADA, DOT

Grayscale ETF efforts gained momentum as the company submitted S-1 registration statements for both Cardano and Polkadot products. These filings come after prior 19b-4 submissions, reinforcing the asset manager’s push for regulated crypto exposure. The firm plans to move further into the SEC review phase, aiming for eventual public listing.

Grayscale ETF Filing Advances for Cardano

Grayscale submitted an S-1 form with the SEC for a Cardano ETF, building on its earlier 19b-4 application. The proposed Grayscale ETF would trade on NYSE Arca under the ticker GADA, tracking the CoinDesk Cardano Price Index. It will hold ADA directly and will not utilize leverage or derivatives.

Coinbase Custody will secure the underlying ADA, ensuring full asset-backed coverage of the product. The grayscale ETF strategy remains consistent—passively managed structures holding only native crypto assets. This method aligns with its existing trust models for other digital currencies.

The Cardano ETF filing highlights market demand for altcoin-focused investment vehicles beyond Bitcoin and Ethereum. It also reflects Grayscale ETF expansion into more diverse blockchain assets. The SEC has not yet set a timeline for approval or comment response.

Grayscale ETF for Polkadot Also Moves Forward

Grayscale also submitted an S-1 for a Polkadot ETF with a similar structural design. This Grayscale ETF would list on Nasdaq under the ticker DOT and follow the CoinDesk DOT CCIXber Reference Rate. It mirrors the Cardano product in custody, structure, and regulatory approach.

The trust is designed as a spot ETF with direct DOT holdings, excluding any synthetic or derivative exposure. Coinbase Custody again acts as custodian, safeguarding digital assets tied to the fund. Grayscale ETF architecture remains uniform across products to streamline compliance and transparency.

This move follows the 19b-4 application submitted by Nasdaq in February 2025, signaling regulatory continuity. While the ETF is not yet cleared, this marks another step toward listing approval. These applications indicate a strong interest in broader crypto-based funds beyond flagship tokens.

SEC Review Process Remains Slow and Inconsistent

The SEC has yet to provide clarity on approval timelines for either ETF. Grayscale ETF applications face delays under the current system, requiring both S-1 and 19b-4 forms separately. This dual-track process adds complexity and contributes to regulatory lag.

Recent decisions suggest uneven prioritization among ETF proposals from various issuers. Altcoin-based funds face scrutiny, while newer meme coin filings receive faster acknowledgment. The lack of clear standards leaves projects like the Grayscale ETF lineup awaiting action indefinitely.

With growing industry participation, questions continue around the SEC’s consistency and market responsiveness. Multiple issuers—including VanEck, Bitwise, and 21Shares—have also submitted altcoin ETF filings. Grayscale ETF developments remain central to the ongoing regulatory debate over crypto fund approvals.

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