Grayscale Files S-1s for Polkadot and Cardano ETFs

Highlights:

• Grayscale files for DOT and ADA ETFs, building on earlier regulatory submissions.
• The new Grayscale ETFs will track CoinDesk reference rates and store crypto with Coinbase.
• Geraci predicts massive moves for XRP and other cryptos as ETFs near approval.

Asset manager Grayscale is expanding its cryptocurrency exchange-traded fund (ETF) offerings to include more altcoins. On Friday, the firm filed S-1 registration statements with the U.S. Securities and Exchange Commission (SEC) for both Polkadot (DOT) and Cardano (ADA) funds.

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Grayscale Files for ETFs After Previous Submissions

Grayscale plans to debut its Polkadot Trust ETF on Nasdaq with the DOT ticker, designed to track the CoinDesk DOT CCIXber Reference Rate. The Cardano ETF, with the ticker GADA, will be listed on NYSE Arca and follow the CoinDesk Cardano Price Index. Both ETFs are simple investments, holding the crypto directly with Coinbase, without using borrowed money or complex financial tools. These new filings follow previous ones made in February 2025, when Nasdaq and NYSE Arca applied to list the ETFs.

These filings build on previous 19b-4 submissions from February 2025, when Nasdaq sought approval to list the Polkadot Trust, and NYSE Arca filed for Cardano. At that time, Grayscale had already filed these products for regulatory review. James Seyffart, an ETF analyst at Bloomberg, explained that these are not new efforts but updates to ongoing filings. “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,” he wrote on X.

New: @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 pic.twitter.com/JtcVBiKU2T

— James Seyffart (@JSeyff) August 29, 2025

Grayscale is broadening its portfolio of Bitcoin and Ether ETFs. The firm recently filed an S-1 with the SEC to transform its Avalanche Trust into a spot AVAX ETF. Grayscale has also filed an S-1 to transform its Dogecoin Trust into a spot DOGE ETF. The company is also working towards securing approval for spot ETFs focused on Solana (SOL), Cardano (ADA), Litecoin (LTC), and a multi-crypto fund.

XRP and Solana Lead Growing Crypto ETF Interest

ETF expert Nate Geraci has predicted significant moves for XRP and other crypto products in this market cycle. This follows Bloomberg analyst James Seyffart’s revelation that 96 crypto filings are currently under review by the financial regulator. In a recent post on X, Geraci emphasized the scale of pending ETF applications, calling it a sign that the “crypto ETF floodgates are about to open soon.” His remarks highlight the growing demand among institutions and asset managers for regulated vehicles to gain exposure to digital assets.

Look at all of the crypto ETF filings out there…@JSeyff doing God's work tracking these.

What I mean by "crypto ETF floodgates about to open soon". pic.twitter.com/9tpcrtnQjm

— Nate Geraci (@NateGeraci) August 28, 2025

Solana leads with 16 filings, closely followed by XRP at 15. Ethereum, Bitcoin, Dogecoin, and Litecoin are also gaining attention, showing growing investor interest beyond just Bitcoin and Ethereum. ETFs offer a regulated, hassle-free path to digital assets, eliminating the technical barriers of wallets and custody. Geraci suggests that approval would unlock massive institutional capital, driving faster adoption and boosting market liquidity.

NEW: Here is a list of all the filings and/or applications I'm tracking for Crypto ETPs here in the US. There are 92 line items in this spreadsheet. You will almost certainly have to squint and zoom to see but best I can do on here pic.twitter.com/lDhRGEQBoW

— James Seyffart (@JSeyff) August 28, 2025

In their latest market report, Bitfinex analysts noted that they do not expect a broad market rally until later in the year. They believe Bitcoin products will see more inflows, and new altcoin investment options will be introduced. They also noted that these new products could create steady demand, regardless of price changes, helping to boost the overall value of digital assets.

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