Grayscale Cardano Trust and Tuttle Capital 2X Cardano file ETF with SEC
US government shutdown further delays ETF approvals
The U.S. Securities and Exchange Commission (SEC) is reviewing multiple cryptocurrency spot ETF applications. Since the government approved listing standards for generic drugs in September, the odds of approval have skyrocketed. Currently, crypto asset management funds are awaiting approval for Solana, XRP, Dogecoin, and Cardano ETFs.
ADA ETF application list
Grayscale Cardano Trust
- The company has filed the required S-1 registration and preliminary 19b-4 Form with the SEC for the ADA ETF. However, 19b-4 is no longer needed because the agency removed the requirement.
- It will launch under the ticker GADA and list on the NYSE Arca. The move shows the fund is expanding its altcoin RETFs beyond Bitcoin and Ethereum.
- The original deadline was scheduled for April 11, 2025. Second deadline: May 26, 2025. Third deadline: August 21, 2025. After three postponements, the final deadline is set for October 23, 2025.
Tuttle Capital 2X Cardano ETF
- The company filed its ETF application on January 28, 2025 under the 1940 Act. The final deadline, originally set for April 13, 2025, was recently changed.
- The Fund filed a post-effective amendment pursuant to SEC Rule 485 to formally set a new effective date for the listing of these ETFs as October 10, 2025.
Why is the SEC delaying ETF approval?
The European Commission said in mid-2025 that it needed more time to thoroughly review the application before authorizing it. This was the main reason for the late application. But now, as that deadline reaches its final day, the U.S. government shutdown means agencies are operating with limited staff. This has further increased the latency of crypto ETFs.
What do the experts say about it?
As the October deadline for ETF applications approaches, many experts expressed enthusiasm. However, since the government announced the shutdown, it advised crypto users to fasten their seatbelts in case of further delays.
“The prolonged government shutdown definitely seems to have an impact on the launch of new spot crypto ETFs,” said Nate Geraci, president of Novadius Wealth Management.
