The cryptocurrency investment firm Grayscale filed with the New York Stock Exchange on Monday, proposing to list an ETF for Cardano (ADA).
Grayscale, which successfully broke through the barriers of U.S. regulators when launching a Bitcoin ETF last year, had never previously offered an independent investment vehicle for ADA, despite several preparatory moves.
The policy shift of the U.S. Securities and Exchange Commission (SEC) under the Trump 2.0 administration - from tightening regulations to seemingly accepting and supporting the crypto industry - has emboldened issuers to be bolder in expanding their products. Recently, Grayscale also filed for an ETF launch for Solana and XRP.
While the Solana and XRP ETFs are designed to convert Grayscale's existing cryptocurrency trusts into publicly traded ETFs, the Cardano ETF will be a completely new product.
Cardano has long attracted strong interest from investors. ADA is currently among the largest cryptocurrency assets by market capitalization, with a valuation of $25 billion at the time of reporting. Following the announcement from Grayscale, the price of this token increased by 4% to $0.71.
Market analysts are increasingly believing that the moment for SEC approval of altcoin ETFs is approaching. However, Grayscale's plan to launch an ETF for ADA still surprises many, even though it is one of the most popular cryptocurrencies today.
