Cardano Hits New Milestone As Grayscale Moves Forward With ETF Application

Grayscale has taken its first official step toward launching a Cardano (ADA) exchange-traded fund (ETF), registering the Grayscale Cardano Trust in Delaware. The legal filing marks the start of the process, and an approval from the SEC could draw interest from both institutional and retail investors who value the cryptocurrency’s scalable and sustainable blockchain technology.

Cardano Moves Closer To ETF Launch As Grayscale Expands Portfolio

On Tuesday, Grayscale officially filed to establish the Grayscale Cardano (ADA) Trust ETF as a statutory trust. Following the public filing, Cardano surged to an over five-month high of more than 15% to $0.987 on Thursday. The CSC Delaware Trust Company was named as the registered agent in Wilmington, overseeing the legal structure. 

Grayscale chose Delaware as the location for registration because of its strong corporate laws and efficient trust structures, which make it a preferred base for many financial entities. The Cardano Trust registration creates the legal entity needed to support a potential Cardano ETF. 

With the trust now established, Grayscale can prepare for the next stage, which examines whether the product meets the requirements for market surveillance, asset custody, valuation transparency, and investor protection. 

Only after meeting these standards could the ETF application move toward launch. The Delaware registration allows the company to position itself for federal filings such as the S-1 or 19b-4 forms. These are required to list an ETF on U.S. exchanges and trigger a formal SEC review process.

Regulatory Hurdles Remain Amid Expanding Crypto ETF Plans

While the trust registration is in progress, the SEC approval is still needed before the ETF can launch. The road from registration to launch is rarely quick, and Grayscale knows it. The SEC has been slow to approve crypto ETFs, often taking months or longer to make a decision. 

The push into a Cardano trust could be part of a broader strategy to expand into crypto ETFs. Grayscale has already filed for Dogecoin, Solana, and XRP ETFs, but none of them has gotten approval yet. The SEC has extended the deadline for an XRP ETF decision to October 18, 2025, while it now expects to decide on the Solana ETF in November 2025.

Approval delays from the SEC show how careful the agency is with new crypto investment products, even as investor demand rises. Market participants are keen to see more crypto-based ETFs. Cardano, known for its proof-of-stake blockchain design, emphasizes scalability and sustainability, which could appeal to a broad investor base once regulatory approvals are in place. 

By locking in the trust registration now, Grayscale guarantees it is ready to act quickly if and when the SEC starts approving more crypto ETFs. While the exact timeline for a Cardano ETF remains uncertain, taking this first step gives the company an advantage in being ready to launch once it clears regulatory barriers.