Grayscale Files to Launch a Cardano ETF

On Monday, crypto investment firm Grayscale announced that it has filed to list an exchange traded fund for Cardano on the New York Stock Exchange.

Despite previous attempts, Grayscale had not yet offered a standalone ADA investment vehicle. However, with the SEC’s changed stance on crypto regulation, Grayscale is now feeling more confident in introducing new products.

They have also filed for ETFs for Solana and XRP in recent weeks. The ADA ETF would be a new product, unlike the others which would simply convert existing crypto trust products into ETFs.

ADA has always been a popular asset on the Cardano blockchain, with a high demand from investors. Its market cap currently stands at $25 billion and the token saw a 1.5% increase in value following Grayscale’s announcement.

Many market observers believe that altcoin ETFs will soon be approved by the SEC, but an ADA ETF was not widely predicted by commentators, despite the coin’s popularity.