Cardano: First ETF in Sight for the 10th-Largest Cryptocurrency

Crypto ETF issuers are just waiting for the SEC to give its stamp of approval. They move forward, file, correct, refine. Like a conductor confident in his orchestra, Grayscale continues to play its own regulatory symphony. And this time, it is Cardano taking the stage, ready to secure its ticket to Wall Street. The countdown is on, the lines are moving, and investors are already sharpening their order books.

Cardano targets the ticker GADA, the ecosystem is ignited

Grayscale, freshly awarded the green light for its multi-asset ETF, does not intend to slow down. The manager filed an S-1 form with the SEC for a Cardano (ADA) dedicated ETF, in addition to an already approved 19b-4 form.

This filing shows a coordinated strategy to convince the American regulator. The product, named Grayscale Cardano Trust ETF, should trade on NYSE Arca under the ticker GADA, with Coinbase Custody as asset guardian. The price of ADA would be tracked there thanks to the CoinDesk Cardano Index (ADX).

On X, enthusiasm is palpable. The Cardanians (@Cardanians_io) Twitter account tweeted: “The S-1 is the official registration that explains how the Cardano ETF works. With the two filings, Grayscale seems ready and probably counts on SEC approval“.

The context also favors ADA. The SEC has approved “in-kind” mechanisms for Bitcoin and Ethereum ETFs. The Project Crypto, conducted with the CFTC, seeks to clarify the legal status of tokens. And according to Grayscale, Cardano ranked in its Top 3 best weekly crypto performances, just behind XRP and Stellar.

Even James Seyffart, ETF analyst at Bloomberg, tempers the surprise effect:

Grayscale submits S-1s for both their Cardano and Polkadot ETFs. They had already submitted 19b-4s for each of these — so these aren’t brand new filings.

Crypto: Grayscale wants to cover everything, Cardano is just a pawn

The market is boiling: 96 crypto ETF applications are currently being processed by the SEC, including 92 filed since April. Grayscale does not want to miss the boat. The manager is moving aggressively to gain ground and trying to assert its dominance over the altcoin universe. Alongside Cardano, a Polkadot ETF is also on track, with a ticker to come on Nasdaq.

The firm adopts a formidable strategy: creating passive vehicles without leverage or derivatives, secured by Coinbase Custody and administered by BNY Mellon. Shares are traded in blocks of 10,000 units via liquidity providers. And some of these structures, like for Polkadot, even consider staking up to 85% of their holdings – provided the regulatory framework allows it.

What the numbers say 

• 87% chance of approval for the Cardano ETF according to Polymarket (source: Coingape, August 2025); 
• 28% increase in the total number of crypto ETF applications since April; 
• Minimum 10,000 shares per exchange basket for the Cardano ETF; 
• CoinDesk Cardano Index updated daily at 4 PM (New York time); 
• Coinbase is involved at three levels: custody, brokerage, infrastructure.

On X, analyst Nate Geraci is surprised by the timing: several managers filed amendments to their XRP ETFs at the same time. This coordination shows a concerted strategy to maximize approval chances with the SEC.

The Cardano bet, although risky due to its potential “security” label according to the SEC, paves the way for other altcoins. Grayscale is advancing at full speed. And after XRP or DOGE, the Avalanche bet seems anything but unrealistic, now that the SEC is forced to review its criteria. The battle for the perfect ETF is just beginning.