Grayscale Recordsdata For Cardano ETF, Its First Standalone ADA Product

Crypto funding agency Grayscale on Monday filed to record a Cardano (ADA) change traded fund on the New York Inventory Change.

Grayscale, which final yr broke by U.S. regulators’ blockade towards the bitcoin ETF, has by no means beforehand supplied a standalone ADA funding car regardless of making previous strikes to take action.

However the Trump 2.0 SEC’s pivot from policing the crypto business to seemingly embracing it has emboldened issuers to assume huge about what they’ll get by. In current weeks Grayscale filed for a Solana and XRP ETF as effectively.

These merchandise would convert Grayscale’s preexisting crypto belief merchandise into extra broadly tradeable ETFs whereas the ADA ETF could be completely new.

Investor demand has all the time been excessive for the flagship asset of the Cardano blockchain. ADA ranks among the many largest crypto property by market cap, weighing in at $25 billion at press time. The token spiked 1.5% to 71 cents following the Grayscale information.

Market observers more and more imagine the time is nigh for altcoin ETFs to clear the not-quite-as-skeptical SEC. However an ADA car had not been on many commentators’ radars regardless of the coin’s reputation.

Grayscale didn’t instantly return a request for remark.