Grayscale Files for Cardano ETF, Marking First Standalone ADA Product

Crypto investment firm Grayscale has filed to list a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange, marking its first standalone ADA product. This move comes after Grayscale successfully launched a bitcoin ETF last year, breaking through U.S. regulators' previous blockade.

Grayscale's ADA ETF filing is a significant development, as the firm had previously attempted to offer an ADA investment vehicle but had not yet succeeded. The Trump 2.0 SEC's shift in approach, from policing the crypto industry to seemingly embracing it, has emboldened issuers to think big about their potential offerings. In recent weeks, Grayscale has also filed for Solana and XRP ETFs.

The ADA ETF would be entirely new, unlike the Solana and XRP ETFs, which would convert Grayscale's preexisting crypto trust products into more widely tradeable ETFs. Investor demand for the flagship asset of the Cardano blockchain has always been high, with ADA ranking among the largest crypto assets by market cap, currently at $25 billion. Following the Grayscale news, the token spiked 1.5% to 71 cents.

Market observers increasingly believe that the time is ripe for altcoin ETFs to clear the not-quite-as-skeptical SEC. However, an ADA vehicle had not been on many commentators' radars despite the coin's popularity. Grayscale did not immediately return a request for comment.