Grayscale’s Bold Move: Files for Polkadot and Cardano Spot ETFs in Aggressive SEC Push

Grayscale doubles down on crypto ETF expansion—now targeting Polkadot and Cardano.

The Regulatory Gambit

Fresh off Bitcoin ETF victories, Grayscale launches another offensive against SEC resistance. The filing signals institutional demand extends far beyond Bitcoin and Ethereum into next-generation blockchain protocols.

Market Implications

Spot ETF approvals would funnel traditional capital into DOT and ADA markets previously dominated by retail investors. Wall Street's sudden interest in 'altcoins' shows how quickly crypto matures—right until the next regulatory headache emerges.

Because nothing says mainstream adoption like wrapping innovative technology in decades-old financial products.

Asset manager Grayscale is expanding its lineup of crypto ETFs in altcoins, filing S-1 registration statements with the SEC to launch new single-asset products.

Demand for diversified crypto investment products is picking up. Here’s what you need to know. 

Grayscale Targets Polkadot and Cardano ETFs

The crypto asset manager plans to offer a Polkadot (DOT) ETF trading on Nasdaq under the ticker DOT, which will track the CoinDesk DOT Reference Rate, and a Cardano (ADA) ETF listed on NYSE Arca as GADA, following the CoinDesk Cardano price Index.

Notably, both ETFs are passive, holding the crypto directly in Coinbase custody, without leverage or derivatives. These filings come after earlier regulatory submissions in February 2025, when Nasdaq and NYSE Arca applied to list the products

Bloomberg analyst James Seyffart notes that the company had already filed 19b-4s for these, so these S-1s are the next steps, and not brand-new filings.

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

Avalanche and Dogecoin ETFs Coming Soon? 

Grayscale is expanding its flagship Bitcoin and Ether ETFs. The company recently filed an S-1 with the SEC to convert its Avalanche Trust into a spot AVAX ETF, and it has also submitted an S-1 to convert its Dogecoin Trust into a spot DOGE ETF. 

In addition, Grayscale is pursuing spot ETF approval for Solana (SOL), Cardano (ADA), Litecoin (LTC), and a multi-crypto fund.

92 Crypto ETPs Await Decisions

Seyffart has previously shared that 92 crypto ETPs are currently waiting for a decision in the U.S., most of which face final SEC deadlines in October 2025. According to the data, solana and XRP are the most sought-after.

ETF expert Nate Geraci and Eric Balchunas have also noted the surge in activity. Geraci remarked that the “crypto ETF floodgates are about to open,” while Balchunas joked that soon there may be more crypto ETF filings than stocks, showing how active the market has become. 

Crypto ETFs Show Strong Growth YTD

August ETF flows showed a wild shift in investor interest. Spot ethereum ETFs pulled in $3.9B, while Spot Bitcoin ETFs saw $750M in outflows.

Year-to-date, IBIT (Bitcoin) is up 16%, while ETHA (Ethereum) has gained 30%, outpacing broad-market ETFs like QQQ (+12%) and SPY (+11%). Even Gold (GLD +31%) is in a similar range.

This shows that crypto ETFs are keeping pace and competing well with traditional assets. 

However, Bitfinex analysts say that altcoins may struggle to rally until more crypto ETFs get the green light and there is an influx of liquidity.