Grayscale has registered Cardano and Hedera ETF entities in Delaware, possibly indicating that the S-1 application is imminent.

One of the largest digital asset management companies in the United States, Grayscale, is accelerating its layout for altcoin ETFs. Recent data shows that the company has officially registered the Cardano Trust ETF and Hedera Trust ETF in Delaware. Based on past experience, such registration actions often precede the submission of S-1 applications to the U.S. Securities and Exchange Commission (SEC), indicating that these two altcoin ETFs may soon enter the approval process.

Delaware sign up: alts ETF landscape expands again

On Tuesday, Delaware's official business registration system added Grayscale Cardano Trust ETF and Grayscale Hedera Trust ETF.

Historical experience: In the past, Grayscale's similar sign up in Delaware has usually been a prelude to submitting SEC S-1 documents.

Regulatory Progress: The SEC earlier this year accepted the 19b-4 form submitted by the NYSE Arca for a spot Cardano ETF, as well as similar documents submitted by Nasdaq for a Hedera ETF.

This is Grayscale's first registered ETF trust entity related to Cardano and Hedera in Delaware. Previously, the company had launched investment trusts for altcoins such as Dogecoin (DOGE), Filecoin (FIL), Avalanche (AVAX), and Bittensor (TAO).

Relation to S-1 application

The S-1 document is a key application document for ETFs listed in the United States, covering fund structure, asset composition, risk disclosure, and other content.

Market Interpretation: The registration move in Delaware is seen as Grayscale paving the way for the submission of the S-1 application.

Timing: In the past, several Grayscale ETFs submitted their S-1 documents to the SEC shortly after completing state-level sign ups.

The regulatory environment is warming up, altcoin ETF is迎來契機

Recently, positive signals have emerged in the U.S. regulatory environment for crypto assets:

SEC and CFTC Collaborate: Advancing "Crypto Projects" Aimed at Clarifying Which Cryptocurrencies Are Securities and Which Are Not, Providing a Clear Regulatory Framework for the Market.

ETF Physical Redemption Approval: The SEC has approved the physical redemption mechanism for spot Bitcoin (BTC) and Ethereum (ETH) ETFs, boosting market confidence.

After the successful launch of Bitcoin and Ethereum ETFs, the market demand for altcoin-based ETFs has significantly increased, with Cardano and Hedera seen as the next potential targets.

Grayscale's Diversification Strategy

In addition to Cardano and Hedera, Grayscale on Tuesday launched two investment trusts that invest in the native tokens of DeepBook and Walrus, both of which belong to the Sui blockchain ecosystem, providing trading and data infrastructure.

This shows that Grayscale is actively expanding its asset coverage, extending from mainstream cryptocurrencies to emerging public chains and infrastructure tokens.

Conclusion

Grayscale has registered Cardano and Hedera ETF entities in Delaware, which is seen by the market as a precursor to an upcoming S-1 filing. As the regulatory environment warms up and investor interest in altcoin ETFs rises, these two products may become the new focus following BTC and ETH ETFs. In the coming weeks, the SEC's response and the submission timing of the formal application documents will be the core of market attention.