ETF Crypto issuers are just waiting for the dryer. They advance, deposit, correct, refine. Like a safe conductor of his score, Grayscale continues to play his own regulatory symphony. And this time, it's Cardano who goes on stage, ready to win his ticket for Wall Street. The countdown is launched, the lines are moving, and the investors are already sharpening their orders.
In short
- Grayscale has filed an S-1 form for an ETF Cardano, in addition to 19b-4.
- The product would be listed on the Arca Nyse with Coinbase as a guard platform.
- Enthusiasm climbs on X, with 87 % probability of approval according to Polymarket.
- Grayscale's strategy is based on passive ETFs, indexed and without leverage.
Cardano aims at Ticker Gada, the ecosystem ignites
Grayscale, just haloed with the green light for multi-active ETF, does not intend to slow down. The manager has filed an S-1 form to the SEC to An ETF dedicated to Cardano (ADA)in addition to a 19B-4 form already validated.
This deposit shows a coordinated strategy to convince the American regulator. The product, called Grayscale Cardano Trust ETF, should exchange on the Arca Nyse under the Ticker Gada, with Custody Coinbase as a guardian of the active ingredients. The ADA price would be followed there thanks to the Coindesk Cardano Index (ADX).
On X, the enthusiasm is palpable. The Cardanians account (@cardanians_io) tweeted: ” The S-1 is the official recording which explains the operation of the ETF Cardano. With the two deposits, Grayscale seems ready and probably counts on approval of the dry ».
The context also plays in favor of ADA. The SEC validated “in-kind” mechanisms for the Bitcoin and Ethereum ETF. The CRYPTO Project, led with the CFTC, seeks to clarify the legal status of the Tokens. And according to Grayscale, Cardano appeared in his top 3 of the best weekly crypto performance, just behind XRP and Stellar.
Even James Seyffart, ETF analyst at Bloomberg, puts the surprise effect into perspective:
Grayscale submitted S-1 forms for his ETF Cardano and Polkadot. They had already sent the 19b-4 for everyone, so they are not new deposits.
Crypto: Grayscale wants to cover everything, Cardano is just a pawn
The market is in turmoil: 96 requests from ETF Crypto are currently under processing by the dry, including 92 tabled since April. Grayscale does not want to miss the mark. The manager pushes his pawns and tries to establish his domination over the universe of Altcoins. In parallel with Cardano, An ETF Polkadot is also on trackwith an upcoming Ticker on the Nasdaq.
The firm adopts a formidable strategy: create passive vehicles without lever or derivative products, secured by Custody Coinbase and administered by Bny Mellon. The shares are exchanged by blocks of 10,000 units via liquidity providers. And some of these structures, as for Polkadot, even envisage staking up to 85 % of their assets – provided that the regulatory framework allows it.
What the figures say
- 87 % of approval for ETF Cardano according to Polymarket (Source: Coingape, August 2025);
- 28 % increase in the total number of Crypto ETFs since April;
- 10,000 units minimum per exchange basket for the Cardano ETF;
- Coindesk Cardano Index updated every day at 4 p.m. (New York time);
- Coinbase is involved at three levels: guard, brokerage, infrastructure.
On X, analyst Nate Geraci is surprised by synchronization: several managers have deposited amendments to their ETF XRP at the same time. This coordination testifies to a concerted strategy to maximize the chances of approval from the SEC.
The bet cardano, although risky because of its potential “Security” label according to the dry, opens the way to other altcoins. Grayscale advances for forced march. And after XRP or DOGE, the avalanche bet seems anything but unrealistic, now that the dry is forced to review its criteria. The battle for the perfect ETF has only just begun.
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