{"id":869144,"date":"2025-08-30T21:12:34","date_gmt":"2025-08-31T02:12:34","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/08\/30\/grayscale-submits-polkadot-and-cardano-etf-registration-forms-to-sec\/"},"modified":"2025-08-30T21:12:34","modified_gmt":"2025-08-31T02:12:34","slug":"grayscale-submits-polkadot-and-cardano-etf-registration-forms-to-sec","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/08\/30\/grayscale-submits-polkadot-and-cardano-etf-registration-forms-to-sec\/","title":{"rendered":"Grayscale Submits Polkadot and Cardano ETF Registration Forms to SEC"},"content":{"rendered":"
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Crypto Journalist<\/p>\n

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Anas Hassan<\/p>\n

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Crypto Journalist<\/p>\n

\n Anas Hassan <\/span>\n <\/p>\n<\/p><\/div>\n

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About Author<\/p>\n

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n

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Last updated:\u00a0<\/p>\n

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Grayscale Investments filed comprehensive S-1 registration forms with the SEC for spot Polkadot<\/strong><\/a> and Cardano<\/a><\/strong> exchange-traded funds (ETF). <\/p>\n

The Grayscale Cardano<\/a> Trust ETF (GADA) and Grayscale Polkadot<\/a> Trust ETF join a crowded field of 92 pending crypto ETF applications<\/a> currently awaiting regulatory review.<\/p>\n

Both trusts were incorporated as Delaware Statutory Trusts on August 12, 2025, following Grayscale\u2019s established pattern of Delaware registrations preceding SEC submissions.<\/p>\n

Altcoin ETF Race Heats Up as Approval Odds Surge<\/span><\/h2>\n

The Cardano ETF would trade on NYSE Arca under ticker GADA, while specific exchange details for the Polkadot fund remain pending final approval.<\/p>\n

The filings arrive as prediction markets surge with optimism for the approval of altcoin ETFs. <\/p>\n

Solana maintains a 99% approval odds on Polymarket for 2025, up from 72% in May, while XRP holds an 87% probability, up from 64% in August.<\/p>\n

\"Grayscale
Source: Polymarket<\/a><\/figcaption><\/figure>\n

Even speculative memecoin Dogecoin commands 82% approval odds, nearly doubling from 44% in June.<\/p>\n

Grayscale\u2019s aggressive expansion strategy includes converting five existing trusts into ETF structures, covering Litecoin, Solana, Dogecoin, XRP, and Avalanche. <\/p>\n

The firm simultaneously filed for Dogecoin ETF approval with ticker GDOG, entering competition with Rex-Osprey and Bitwise for similar products.<\/p>\n

Current crypto ETF applications encompass eight Solana proposals and seven XRP submissions, driven by renewed filing activity following the SEC\u2019s feedback.<\/p>\n

Grayscale Fund Structured to Anticipate Regulatory Uncertainties<\/span><\/h2>\n

Both Grayscale ETF proposals acknowledge significant regulatory risks, particularly the SEC\u2019s previous determination that ADA constitutes a security. <\/p>\n

The Cardano filing warns that a final SEC security classification could trigger material adverse impacts on token value and potentially force the termination of the trust.<\/p>\n

The trusts operate through cash-only creation and redemption mechanisms, processing shares in 10,000-unit baskets through authorized participants and liquidity providers. <\/p>\n

In-kind transactions involving direct token deposits remain unavailable pending \u201cIn-Kind Regulatory Approval\u201d that may never materialize.<\/p>\n

Notably, valuation relies on CoinDesk price indices, which are calculated daily at 4:00 PM New York time.<\/p>\n

Both funds maintain staking capabilities contingent on undefined \u201cStaking Conditions\u201d that currently remain unmet. <\/p>\n

The Polkadot trust anticipates staking up to 85% of holdings through provider-facilitated arrangements, while maintaining 28-day unbonding periods that introduce liquidity constraints.<\/p>\n

Additionally, Coinbase Custody Trust Company serves as custodian for both trusts. The Bank of New York Mellon also handles transfer agent and administration duties, while Coinbase Inc. provides prime brokerage services.<\/p>\n

Fee structures center on daily accruing sponsor fees paid in underlying tokens rather than cash.<\/p>\n

Institutional Demand Drives Altcoin ETF Pipeline Expansion<\/span><\/h2>\n

The 92 pending crypto ETF applications represent a 28% increase from 72 submissions recorded in April. <\/p>\n

October deadlines loom for the majority of applications, particularly those for Solana, XRP, and Litecoin proposals, which could trigger significant market activity.<\/p>\n

Bloomberg Intelligence analysts project continued growth in filings, with Eric Balchunas suggesting<\/a> that \u201cpretty soon there will be more crypto ETF filings than stocks<\/em>.\u201d<\/p>\n

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Recent regulatory developments have favored broader approvals for crypto ETFs. <\/p>\n

The SEC\u2019s approval of in-kind redemption mechanisms<\/a> for Bitcoin and Ethereum ETFs has widened compliance pathways. <\/p>\n

At the same time, the Project Crypto collaboration between the SEC and CFTC<\/a> aims to clarify digital asset classifications under U.S. law.<\/p>\n

Twenty-one Shares and Grayscale lead Ethereum staking ETF applications following regulatory clarity on liquid staking operations. <\/p>\n

Notably, VanEck\u2019s JitoSOL proposal also represents the first entirely liquid staking token-backed fund, tracking tokens representing staked SOL on the Solana network.<\/p>\n

A wave of XRP ETF amendments<\/a> filed last week likely responded to SEC feedback, adjusting fund structures to accommodate both token and cash creations, as well as cash and in-kind redemptions.<\/p>\n

<\/figure>\n

Nate Geraci of The ETF Store called the synchronized filings \u201chighly notable\u201d and \u201ca very good sign\u201d for approval prospects.<\/p>\n

BlackRock, despite launching pioneering Bitcoin and Ethereum ETFs, confirmed no current plans for XRP products.<\/p>\n

Looking forward, as Alts continue their bullish trajectory, NoOne\u2019s CEO, Ray Youssef, predicts that major cryptocurrencies, including SOL, XRP, and BNB, will attract huge capital investments. <\/p>\n

For SOL specifically, Youssef, speaking with Cryptonews, noted that Solana treasury companies are lining up funds running into tens of billions to accumulate SOL.<\/p>\n

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Crypto Journalist Anas Hassan Crypto Journalist Anas Hassan About Author Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech. Last updated:\u00a0 August 30, 2025 Grayscale Investments filed comprehensive S-1 registration forms with the SEC for spot Polkadot and Cardano exchange-traded funds<\/p>\n","protected":false},"author":1,"featured_media":869145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25604,41668],"tags":[],"class_list":{"0":"post-869144","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-grayscale","8":"category-submits"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/869144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=869144"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/869144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/869145"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=869144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=869144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=869144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}