Grayscale Officially Files Polkadot and Cardano ETFs with the SEC!

Jakarta, Pintu News – Grayscale Investments has recently filed a comprehensive S-1 registration form with the SEC for Polkadot and Cardano spot-based exchange-traded funds (ETFs).

The Grayscale Cardano Trust (GADA) and Grayscale Polkadot Trust ETFs are now part of a long list of 92 crypto ETF applications still awaiting regulatory review.

Both trusts were established as Delaware Statutory Trusts on August 12, 2025, following Grayscale’s familiar pattern of registering in Delaware before filing documents with the SEC.

Altcoin ETF Race Heats up as Approval Chances Rise

The Cardano ETF is planned to be traded on NYSE Arca under the symbol GADA, while exchange details for the Polkadot fund are still pending final approval. This filing comes amid surging optimism in the prediction market regarding the chances of an altcoin ETF being approved.

Read also: Solana Soars: What Makes SOL Stand Out Over Bitcoin and Ethereum?

Solana currently has a 99% chance of approval on Polymarket’s prediction platform for 2025, up sharply from 72% in May. Meanwhile, XRP registered an 87% probability, up from 64% in August.

Even speculative meme coins like Dogecoin show an 82% chance of approval, almost doubling from 44% in June. Grayscale’s aggressive expansion strategy includes converting five existing trusts into ETF structures, covering Litecoin (LTC), Solana, Dogecoin, XRP (XRP), and Avalanche (AVAX).

Simultaneously, Grayscale also applied for a Dogecoin ETF under the symbol GDOG, competing with Rex-Osprey and Bitwise who also offer similar products.

Currently, there are eight Solana ETF proposals and seven XRP ETF filings, driven by a new wave of filing activity following feedback from the SEC.

Grayscale Fund Structure Designed to Anticipate Regulatory Uncertainty

Both Grayscale ETF proposals openly acknowledge significant regulatory risk, particularly regarding the SEC’s previous ruling that ADA (Cardano) is a security.

In the filing documents for Cardano, it was mentioned that if the SEC officially classifies the token as a security, it could have a material negative impact on the value of the token and could even result in the dissolution of the trust.

The trust uses a cash-based creation and redemption mechanism, where shares are processed in unit bundles of 10,000 through authorized participants and liquidity providers.

In-kind transactions (involving direct deposits in the form of tokens) are not yet available, and are still awaiting what is referred to as “In-Kind Regulatory Approval”, which may never be granted.

The valuation of the assets in the trust is done based on the CoinDesk price index, which is calculated daily at 16:00 New York time. Both funds also list staking capabilities, however they are still subject to “Staking Conditions” which have not been met to date.

For Polkadot, the trust is projected to stake up to 85% of the total holdings, through an arrangement facilitated by the service provider, with a 28-day unbonding period that may limit liquidity.

Coinbase Custody Trust Company was appointed as the custodian for both trusts. The Bank of New York Mellon handled the role of transfer agent and administrator, while Coinbase Inc. provided prime brokerage services.

The fee structure of this ETF focuses on sponsor fees that accumulate daily, paid in the form of base tokens instead of cash.

Institutional Demand Drives Altcoin ETF Pipeline Expansion

The 92 crypto ETF filings that are still pending approval reflect a 28% increase compared to the 72 filings recorded in April.

Read also: Ripple (XRP) in September: Bullish Breakout or Bearish Pullback?

The deadline in October will be a crucial moment for most applications, especially for Solana, XRP and Litecoin ETF proposals, which have the potential to trigger significant market activity.

Analysts from Bloomberg Intelligence project this growth trend to continue, with Eric Balchunas stating that “in the near future, the number of crypto ETF filings could surpass stock ETFs.”

Recent regulatory developments are also likely to favor the approval of crypto ETFs more broadly. The SEC’s approval of in-kind redemption mechanisms for Bitcoin and Ethereum ETFs has opened up a more flexible compliance path.

In parallel, the Project Crypto collaboration between the SEC and CFTC aims to clarify the classification of digital assets under US law. 21 Shares and Grayscale are leading the charge for Ethereum staking ETFs, following regulatory clarity on liquid staking operations.

Interestingly, VanEck’s JitoSOL proposal is the first fund to be fully backed by liquid staking tokens, tracking tokens representing SOL stakes in the Solana network.

The wave of XRP ETF amendments filed last week appears to be a response to feedback from the SEC, with adjustments to the fund structure to support both tokenized and cash creation, as well as cash and in-kind redemptions.

Nate Geraci of The ETF Store called the simultaneous filing “very important” and a “very good sign” for the chances of approval.

Meanwhile, BlackRock, despite having launched prominent Bitcoin and Ethereum ETFs, confirmed that it has no plans for XRP-based products.

Looking ahead, as the trend of altcoins continues to be bullish, NoOne CEO Ray Youssef predicts that big cryptos like SOL, XRP, and BNB will attract large capital investments.

Specifically for SOL, Youssef told Cryptonews that a number of Solana cash companies are preparing funds worth tens of billions of dollars to accumulate SOL.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Crypto Briefing. Grayscale Files S-1 for Polkadot ETF. Accessed on September 1, 2025
• Crypto News. Grayscale Submits Polkadot and Cardano ETF Registration Forms to SEC. Accessed on September 1, 2025