Grayscale Files for Polkadot and Cardano Spot ETFs in Latest SEC Push
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.
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
— James Seyffart (@JSeyff) August 29, 2025
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.
FAQs
Key figures remain silent due to ongoing regulatory review, indicating cautious optimism and sensitivity around SEC decisions.
If approved, Grayscale’s ETFs could enable more institutions to invest directly in altcoins under clear regulatory oversight.
The SEC seeks to standardize rules and ensure robust market protections before approving a large wave of new crypto ETFs.