Grayscale announced the listing of a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange. On Monday, NYSE Arca, a subsidiary of the NYSE, submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) to get approval for the Grayscale Cardano Trust, which would trade under the ticker “GADA.”
Unlike its recent ETF filings for Solana and XRP, which convert existing trusts into ETFs, this would be Grayscale’s first fully new Cardano ETF. If approved, it would let investors gain exposure to ADA without handling cryptocurrency storage. Coinbase Custody Trust Company, LLC would be the custodian, while BNY Mellon would manage administrative tasks.
Cardano ranks as the ninth-largest cryptocurrency with a $25 billion market cap. But unlike other altcoins, a focused Cardano ETF is yet to be widely discussed. Evolving regulatory environments, particularly with a potential change in governmental policy, have incentivized companies like Grayscale to continue pushing for new crypto ETFs.
In its lawsuits against Binance and Coinbase, the Securities and Exchange Commission previously considered ADA as a security, which is a regulatory challenge. Similar concerns have now moved on ETF approvals for Solana and XRP, as the analysts say that Litecoin has a higher chance compared to the other coins to be approved, as it has a more favorable regulatory stance.
Following the recent ETF news, Cardano (ADA) saw a strong surge, jumping 15% in just a day, and the price pumped to $0.7953, reflecting a 14.34% increase over 24 hours. Its market cap was also up, climbing 15.04% to $27.99 billion, and its trading volume rose a staggering 51.02% to $1.16 billion.
As the SEC finalizes its review of several crypto ETF applications, both Bitcoin and Ethereum, the next few months could prove to be pivotal for the broader altcoin ETF landscape. It’s unclear whether Grayscale’s Cardano ETF will be approved, but the filing marks another step toward bringing digital assets into traditional finance.
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