Cardano ETF Filing Boosts ADA Price by 9.3%

ADA Price Surges as Grayscale Files for First-Ever US Spot Cardano ETF

Grayscale Investments, a leading digital asset manager, has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to launch the first-ever U.S. spot Cardano exchange-traded fund (ETF). The filing, submitted under the Securities and Exchange Act of 1934, marks a significant step towards providing regulated exposure to Cardano for investors.

The proposed ETF, if approved, will be listed under the ticker symbol "GADA" and aims to offer investors a cost-effective and convenient way to gain investment exposure to Cardano without directly owning the digital asset. This filing comes after Tuttle Capital Management submitted a request for ten leveraged crypto ETFs featuring an ADA fund.

Bloomberg's senior ETF analyst, Eric Balchunas, commented on the filing, stating, "First one in US and ballpark 60th crypto ETF filed this year so far."

Grayscale's proposed fund would mark the debut of a U.S. spot ETF for Cardano. The filing comes amidst regulatory challenges, as the SEC previously categorized Cardano as a security in its lawsuits against Binance and Coinbase, alongside XRP and Solana. These legal obstacles could delay approval, as seen with other altcoin-based ETFs.

However, recent developments suggest a potential shift in the regulatory stance. Last week, the SEC officially acknowledged the 19b-4 filing for the Grayscale Solana ETF. This move has led analysts to speculate that it could set a positive precedent for other altcoin ETFs, including those for XRP and ADA.

The filing comes after Bloomberg analysts James Seyffart and Eric Balchunas outlined the odds for altcoin ETF approvals. According to their analysis, ADA has a 90% chance of securing an ETF approval, followed by DOGE at 75%, SOL at 70%, and XRP at 65%.

Following the news of the filing, ADA surged by 9.3% on the 24-hour chart, outperforming other major cryptocurrencies such as BTC, ETH, and XRP in daily gains. This price increase comes after a period of losses