Grayscale Sets Up Delaware Trusts for Potential ADA and HBAR ETFs

Grayscale Investments registered two Delaware statutory trusts: “Grayscale Cardano Trust ETF” and “Grayscale Hedera Trust ETF,” with CSC Delaware Trust Company listed as the registered agent.

No public Grayscale S-1 filings specific to Cardano or Hedera ETFs appear on the EDGAR database as of publication. The Delaware registrations create the legal structures Grayscale could use if it proceeds with U.S. Securities and Exchange Commission (SEC) filings. Companies typically create these statutory trusts before filing Form S-1 documents with the SEC.

The registrations follow earlier exchange filings from February and March 2025. NYSE Arca filed a proposed rule change in February to list and trade shares of the Grayscale Cardano Trust (ADA). Nasdaq submitted a similar 19b-4 filing on March 11 for the Grayscale Hedera Trust (HBAR) as Commodity-Based Trust Shares.

Any ETF launch requires two separate approvals: an effective SEC registration statement on Form S-1 and a final exchange order approving the 19b-4 proposals. The Delaware registrations alone do not authorize securities trading or imply SEC approval.

Grayscale already operates Bitcoin and Ether spot ETFs following regulatory approvals. U.S. regulators approved spot Bitcoin exchange-traded products on January 10, 2024. Spot Ether funds received SEC clearance in May 2024 and began trading in July.

The company has expanded beyond Bitcoin and Ether products. Grayscale Solana Trust filed a Form S-1 on April 4, 2025, using a similar Delaware statutory trust structure. Grayscale’s standard product development process typically begins with private placements before advancing to public quotation, SEC reporting, and ETF status.

Cardano currently trades at $0.84, gaining $0.06 or 8.85% on the day of the Delaware filings. Hedera’s market performance and both cryptocurrencies’ trading volumes could influence regulatory review timelines. The SEC typically evaluates market liquidity and trading patterns when considering spot ETF applications for digital assets.