Key Takeaways:
- Grayscale Files for Cardano ETF: Grayscale has applied to list a standalone Cardano (ADA) ETF on the NYSE, its first dedicated ADA investment product.
- Crypto ETF Momentum Grows: The SEC’s evolving stance has encouraged more ETF filings, with Grayscale also applying for Solana (SOL) and XRP ETFs.
- ADA Price Reacts: Cardano’s market cap stands at $25 billion, and ADA’s price rose 1.5% to $0.71 following the announcement.
Grayscale, a leading crypto investment firm, has filed to list a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), marking its first standalone ADA investment product.
This move comes after Grayscale successfully launched a Bitcoin ETF last year, overcoming regulatory hurdles.
🚨JUST IN: @Grayscale Files for a Cardano $ADA ETF with the New York Stock Exchange! pic.twitter.com/M5oAZwgfkQ
— CryptosRus (@CryptosR_Us) February 10, 2025
While the firm has previously explored ADA-related investments, it has never introduced a dedicated ADA offering until now.
The filing aligns with growing momentum for crypto ETFs, as the SEC under the Trump 2.0 administration adopts a more crypto-friendly stance.
This has encouraged issuers to propose new ETFs, including Grayscale’s recent filings for Solana (SOL) and XRP ETFs.
However, unlike those filings, which aim to convert existing trust products into ETFs, the Cardano ETF would be an entirely new product.
Investor demand for ADA remains strong, with the token ranking among the largest cryptocurrencies, holding a $25 billion market cap.
Following the news, ADA’s price rose 1.5% to $0.71. Analysts anticipate the SEC may approve altcoin ETFs soon, potentially boosting institutional adoption.
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