Grayscale Submits Polkadot and Cardano ETF Registration Forms to SEC

Sat, Aug 30, 2025, 9:07 AM 4 min read

Grayscale Investments filed comprehensive S-1 registration forms with the SEC for spot Polkadot and Cardano exchange-traded funds (ETF).

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

Both trusts were incorporated as Delaware Statutory Trusts on August 12, 2025, following Grayscale’s established pattern of Delaware registrations preceding SEC submissions.

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

The filings arrive as prediction markets surge with optimism for the approval of altcoin ETFs.

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.

Source: Polymarket

Even speculative memecoin Dogecoin commands 82% approval odds, nearly doubling from 44% in June.

Grayscale’s aggressive expansion strategy includes converting five existing trusts into ETF structures, covering Litecoin, Solana, Dogecoin, XRP, and Avalanche.

The firm simultaneously filed for Dogecoin ETF approval with ticker GDOG, entering competition with Rex-Osprey and Bitwise for similar products.

Current crypto ETF applications encompass eight Solana proposals and seven XRP submissions, driven by renewed filing activity following the SEC’s feedback.

Both Grayscale ETF proposals acknowledge significant regulatory risks, particularly the SEC’s previous determination that ADA constitutes a security.

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.

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

In-kind transactions involving direct token deposits remain unavailable pending “In-Kind Regulatory Approval” that may never materialize.

Notably, valuation relies on CoinDesk price indices, which are calculated daily at 4:00 PM New York time.

Both funds maintain staking capabilities contingent on undefined “Staking Conditions” that currently remain unmet.

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