Grayscale Seeks Approval For Cardano ETF On NYSE

According to CoinDesk, crypto investment firm Grayscale has filed to list a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange. This marks a significant move for Grayscale, which previously broke through U.S. regulators' resistance against bitcoin ETFs but has not yet offered a standalone ADA investment vehicle. The shift in the U.S. Securities and Exchange Commission's (SEC) approach under U.S. President Donald Trump’s administration, from stringent regulation to a more accepting stance towards the crypto industry, has encouraged issuers like Grayscale to pursue ambitious projects. Recently, Grayscale also filed for Solana and XRP ETFs, aiming to convert its existing crypto trust products into more accessible ETFs, while the ADA ETF would be a completely new offering. Investor interest in Cardano's flagship asset, ADA, remains robust, with the cryptocurrency ranking among the largest by market capitalization, valued at $25 billion at the time of reporting. Following the announcement from Grayscale, ADA's price increased by 1.5%, reaching 71 cents. Market analysts are increasingly optimistic that the SEC will soon approve altcoin ETFs, given the current regulatory climate. However, the prospect of an ADA ETF had not been widely anticipated by industry commentators, despite the coin's widespread popularity. Grayscale has not yet responded to requests for further comments on this development.