TL;DR

• With four months left until this year’s end, the focus now switches to the US SEC as the deadlines for countless spot crypto ETF filings approach.
• In the latest turn of events, Grayscale, the largest crypto-focused asset manager, has updated its applications for Cardano and Polkadot ETFs.

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

Cardano ETF Update

According to data shared by Bloomberg’s ETF expert, James Seyffart, the S-1s for both Cardano and Polkadot ETFs are simply updates and not new filings, as the 19b-4s are already submitted. S-1s are the official registration explaining how the ETF would work if greenlighted.

They contain detailed information about the fund’s structure, how it will track the asset, risks, custodians, and fees, as well as the processes for redemption and creation.

These developments are likely related to the recent delays in decision-making by the US SEC and the deadline extension for numerous crypto ETFs.

Still, Polymarket data shows that the crowd is highly optimistic about a spot ADA ETF reaching the US financial markets this year. Current odds for such an approval stand at 87% after the recent dip to 63% in early August.

In terms of price action, ADA has felt the overall consequences of the broader market’s collapse in the past week, as it tumbled from over $0.96 to $0.81 earlier today. However, it has recovered some ground and could resume its rally to and beyond $1 should the SEC indeed approve Cardano ETFs, and the demand for those products is as high as many hope.

DOT ETF Updates

The landscape around Grayscale’s Polkadot ETF application is rather similar, as the asset manager has filed an S-1 registration form with the agency. DOT’s price has also mimicked the overall market performance as of late, losing 12% of value since Sunday in a drop from $4.3 to $3.75 before it recovered slightly to just under $3.8.

The community is still bullish on the asset, especially if DOT ETFs are greenlighted in the US, predicting price pumps to $5, $10, and even $20 if certain favorable conditions are met.

$DOT is currently trading around $3.73, supported by strong momentum and growing market interest. Technical indicators point to the potential for an upward move toward the $20 level. #DOT @Polkadot pic.twitter.com/nEHWB0H37v

— ThomasReid (@ThomasReidBtc) August 30, 2025