Grayscale Shakes Up Crypto Markets with Cardano and Hedera ETF Filings

Wall Street's crypto darling just dropped a bombshell—Grayscale filed for Cardano and Hedera ETFs, signaling another institutional stampede into altcoins.

Why it matters: The move comes as regulators play whack-a-mole with crypto products while traditional finance scrambles to cash in. Grayscale's filing could force the SEC's hand—or trigger another round of bureaucratic foot-dragging.

The subtext: After Bitcoin and Ethereum ETFs became cash cows, asset managers are now betting big on 'third-gen' blockchains. Never mind that most bankers still can't explain proof-of-stake without reading from a script.

Bottom line: The crypto ETF gold rush is officially branching out beyond the blue chips. Whether that's innovation or desperation (looking at you, yield-starved hedge funds) depends who's holding the bag.

Grayscale has taken a step toward broadening its crypto offerings by registering Cardano and Hedera Trust ETFs in Delaware. Filed on August 12, 2025, the move suggests possible plans for spot ETFs in both assets. While they still await regulatory approval, this signals Grayscale’s intent to go beyond Bitcoin and Ethereum, giving institutional investors more choice and showing growing interest in a wider range of digital assets.