Grayscale Files for Cardano (ADA) ETF on NYSE
In a significant move for the cryptocurrency market, Grayscale, a prominent crypto investment firm, has officially submitted an application to list a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange. This marks a notable milestone as Grayscale has not previously introduced a standalone investment vehicle specifically for ADA, despite earlier attempts to do so.
The landscape for cryptocurrency ETFs seems to be shifting, particularly with the recent regulatory environment showing signs of improvement. Under the leadership of the Trump 2.0 administration, the SEC has transitioned from a stringent regulatory approach to a more accommodating stance towards the crypto industry. This newfound leniency has encouraged firms like Grayscale to pursue ambitious projects, such as their recent applications for ETFs based on Solana and XRP. These products aim to convert Grayscale’s existing crypto trust offerings into more easily tradable ETFs, while the proposed ADA ETF represents a completely new initiative.
Investor interest in Cardano’s flagship asset has remained robust, with ADA currently ranking among the largest cryptocurrencies by market capitalization, valued at approximately $25 billion as of the latest updates. Following the announcement from Grayscale, the price of ADA experienced a notable increase of 1.5%, reaching 71 cents.
Market analysts are optimistic that the time is ripe for altcoin ETFs to gain traction with the SEC, which appears less skeptical than in the past. However, the prospect of an ADA-specific ETF had not been a primary focus for many commentators, despite the coin’s significant popularity within the crypto community.
As of now, Grayscale has not responded to inquiries for further comments regarding this development, leaving the market eagerly awaiting more details.
