- Grayscale registers Cardano and Hedera trusts, signaling possible spot ETF launches.
- ADA and HBAR prices rise after ETF-related filings boost market sentiment.
- Both tokens show historical volatility but maintain strong 2024–2025 price support.
Grayscale Investments just took the first major step toward launching new spot ETFs for Cardano (ADA) and Hedera (HBAR). The asset management giant has filed for two new legal trusts in Delaware, a move that historically precedes a formal ETF application with the U.S. Securities and Exchange Commission (SEC).
These filings on August 12 for the “Grayscale Cardano Trust ETF” and “Grayscale Hedera Trust ETF” follow a familiar pattern for the company. Grayscale has used this same trust registration process for other altcoins like Dogecoin and Filecoin before submitting its official S-1 applications. This move comes after the SEC has already acknowledged initial 19b-4 forms from the NYSE and Nasdaq for proposed Cardano and Hedera ETFs, respectively.
This is all part of a broader trend among U.S. asset managers to expand their ETF offerings beyond just Bitcoin and Ether, building on the massive commercial success of the existing spot crypto funds.
ADA and HBAR Prices Jump on the News
The market reacted immediately and positively to the filings. Cardano (ADA) surged 8.9% in the last 24 hours to trade at $0.8454, with its daily trading volume exploding by over 71% to $2.2 billion.
Historically, ADA rose from $0.02461 in 2018 to a peak near $3 in 2021 before a decline in 2022. In the years since, the token has shifted but maintained a stable range around $0.80 since 2024.
Hedera Market Overview
Hedera’s HBAR token traded at $0.2600, up 5.07% in the past day, with a market capitalization of $11.02 billion. Its fully diluted valuation stands at $13 billion, with 42.39 billion tokens in circulation from a 50 billion maximum supply. Additionally, the trading volume has risen by 9.92% to $424.81 million, leading to a volume-to-market-cap ratio of 3.84%.
From an early trading price of $0.09052, HBAR gained to nearly $0.40 in 2021 before a drop below $0.10 in early 2023. A breakout in late 2024 pushed prices above $0.30, followed by volatility.
But what about the “Grayscale effect”? A new filing is exciting, but does it always lead to a pump? Here’s our past analysis on what happened when another Grayscale ETF was approved.
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Source: https://coinedition.com/grayscale-cardano-ada-hedera-hbar-etf-trust-filing/