ADA Cardano soared to a five-month high on Thursday after Grayscale Investments took a step towards launching an exchange-traded fund (ETF) based on this token.

The cryptocurrency jumped more than 17% to $0.987 by 10:56, reaching its highest level since early March.

Grayscale, the world's largest digital asset manager, registered the "Grayscale Cardano Trust ETF" in the state of Delaware on August 12, according to public documents.