Cardano ETF heats up: Grayscale enters the fray, ADA hits short term peak

ADA Token is experiencing strong growth in both price and investor sentiment, as new developments increase expectations for the approval of the Cardano spot ETF in 2025.

The race for ETF funds based on altcoins in the US is heating up, as issuers receive support from President Trump's administration with a pro-cryptocurrency stance.

The probability of Cardano ETF approval exceeding 80%

According to data from the decentralized prediction platform Polymarket, traders are currently assessing the likelihood that the U.S. Securities and Exchange Commission (SEC) will approve a Cardano ETF this year at 80%.

Probability chart for Cardano ETF approval | Source: PolymarketGrayscale Investments has recently strengthened market confidence by filing for the Grayscale Cardano Trust ETF in the state of Delaware, while also undertaking similar procedures for an HBAR ETF. The registration application was submitted on 12/8/2025, with CSC Delaware Trust acting as the registration agent in Delaware.

The public registration portal of the state of Delaware shows new filings for Grayscale Cardano Trust ETF and Grayscale Hedera Trust ETF. This is often seen as a stepping stone before the official ETF filing.

"Both networks have a story of expanding the application of real-world assets (RWA) that is developing, and this step often occurs before filing for a spot ETF; if given the green light, it could bring a massive wave of capital from institutions," commented Web3 researcher Justin Wu.

Grayscale Cardano Trust ETF Registration File | Source: Delaware Public Registration Portal

Common law trust funds are often a familiar starting point in Grayscale's ETF deployment strategy, followed by the filing of an S-1 with the SEC.

Although registering a trust fund does not equate to being approved, it clearly shows Grayscale's intention to expand its ETF portfolio to include altcoins beyond Bitcoin and Ethereum.

This move aligns with the increasing demand from institutions for diverse cryptocurrency investment products. The peer-reviewed development approach along with Cardano's scalable blockchain architecture has positioned the project as a strong candidate for accessing the traditional market through managed investment products.

The legal process has begun

Previously, the SEC received the 19b-4 filing from NYSE Arca for the Cardano ETF proposal earlier this year, opening the official review process. The acceptance of the filing is an early but important step on the path to approval, reflecting the involvement of the regulatory agency rather than an immediate rejection.

For Cardano supporters, this development is reminiscent of the process of the first spot Bitcoin ETFs, where initial filings laid the groundwork for approval after months of review. If successful, this ETF will allow traditional investors to access ADA without the need to manage digital wallets or private keys themselves.

Analysts also expect that the adoption of a standard legal framework for cryptocurrency ETFs will soon take place, potentially leading to the simultaneous approval of spot ETFs instead of individual approvals.

Cardano price chart (ADA) | Source: Bitcoin MagazineAs of the time of writing, ADA is trading at 0.8789 USD, up nearly 11.6% in the last 24 hours.

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