ETF News: Grayscale Registers Cardano and Hedera Trusts, SEC Decision Still Looms

On Tuesday, the Grayscale Cardano (ADA) Trust ETF and the Grayscale Hedera (HBAR) Trust ETF were added to the Delaware official registration portal. 

The registration of ADA and HBAR establishes both entities as statutory trusts in Delaware, with CSC Delaware Trust Company acting as the registered agent based in Wilmington. The move is a part of a broader strategy to expand Grayscale’s crypto investment products beyond Bitcoin and Ethereum. 

Grayscale is expanding its range of crypto products by adding Cardano and Hedera. This move shows growing market interest and confidence in both assets, which could draw more investors. 

Can the Delaware Registration Influence the SEC ETF Approval?

Delaware registration is an important part of the process that establishes the proposed fund as a legal entity. While it lays the necessary ground for future regulatory filings and operations, it does not directly guarantee the SEC’s final decision. 

After Delaware registration, platforms are required to meet strict SEC standards, like market surveillance, custody, valuation transparency, and investor protection. The registration is a “door-opener” to the regulatory process, but it leaves the SEC approval unforeseen. 

SEC’s Approval on Grayscale ETF 

Grayscale’s registration with Delaware is a preliminary step, which does not confirm the final approval from the Securities and Exchange Commission (SEC). Instead, the Delaware filings are typically precursors to more formal federal regulatory submissions, such as S-1 or 19b-4 forms required for ETF listings. 

Grayscale has filed for Dogecoin, Solana, and XRP ETFs, but the SEC has delayed its decision repeatedly. Now, the deadline for XRP ETF approval or disapproval is expected on October 18, 2025, while the Solana approval is delayed to November 2025.