The landscape for Cardano (ADA) exchange-traded funds (ETFs) continues to evolve amid broader regulatory shifts in the cryptocurrency sector. As of early October 2025, no dedicated spot Cardano ETF has received full approval from the U.S. Securities and Exchange Commission (SEC), but several applications are advancing, bolstered by recent changes to listing standards. These developments come alongside inclusions in multi-asset funds and new filings from issuers like REX Shares and Osprey Funds.
Grayscale Investments has submitted an application for a spot Cardano ETF, with a potential decision timeline extending into late October 2025. The SEC’s adoption of generic listing standards for commodity-based trust shares has streamlined the process, reducing approval times to around 75 days by removing the need for individual 19b-4 filings. However, ongoing U.S. government shutdowns due to budget disputes have led to reduced SEC staffing, potentially delaying reviews for this and other pending applications.
Cardano in Multi-Asset ETFs
In addition to standalone proposals, Cardano has been incorporated into diversified crypto ETFs. For instance, the Hashdex Nasdaq Crypto Index US ETF added ADA effective October 1, 2025, allocating a portion of its holdings alongside assets like Bitcoin, Ethereum, Solana, XRP, and Stellar, in line with Nasdaq’s settlement price index and SEC criteria. Grayscale’s Digital Large Cap Fund, which includes ADA exposure, also secured SEC approval for NYSE listing following an earlier pause.
A notable recent filing comes from REX Shares and Osprey Funds, who jointly submitted applications for 21 single-asset crypto ETFs on October 3, 2025, including one focused on Cardano. The proposed ADA ETF incorporates staking mechanisms to generate rewards for investors, in addition to tracking market performance. To ensure regulatory compliance, the structure includes Cayman Islands subsidiaries for tax and operational purposes, with up to 40% of assets potentially invested in foreign-listed exchange-traded products from providers like 21Shares and CoinShares. This approach aims to offer yield through ADA staking while maintaining investment company status under SEC rules. The filings also cover other tokens such as Stellar (XLM), Sui (SUI), and Hype (HYPE), reflecting a push toward broader altcoin exposure.
Global Cardano Investment Products
Outside the U.S., regulated products like the 21Shares Cardano ETP (AADA) already provide physically backed ADA exposure on European exchanges such as Cboe BZX. Prediction markets and analysts have expressed optimism, with some estimating high approval probabilities for Cardano ETFs under the new framework, though short-term delays remain possible.
These filings underscore increasing institutional interest in Cardano, particularly as its network undergoes major upgrades like Hydra and Leios. While regulatory hurdles persist, the combination of streamlined standards and innovative structures could facilitate greater accessibility for investors seeking ADA exposure through traditional financial vehicles.
