- Grayscale files for the first-ever Cardano ETF, targeting institutional investors.
- Cardano’s price surges by 9.1%, signaling growing market optimism.
- Grayscale’s Cardano ETF could provide regulated ADA access for U.S. investors.
Grayscale has submitted documentation with the New York Stock Exchange (NYSE) Arca for a spot Cardano (ADA) exchange-traded fund (ETF), potentially creating the first-ever ADA-based product for U.S. markets.
The filing with NYSE Arca demonstrates Grayscale’s sustained drive to broaden its crypto offerings and tackle the regulatory complexities.
If they get the green light, the Grayscale Cardano Trust would give institutional investors a proper, regulated way to invest in Cardano.
Who’s Who in Grayscale’s Cardano ETF Bid
On Monday, NYSE Arca put in a 19b-4 form on behalf of Grayscale to register the Grayscale Cardano Trust. The plan is, Coinbase Custody Trust Company, LLC would be the custodian, and BNY Mellon Asset Servicing would handle the fund’s backend.
This filing comes at a time when the U.S. Securities and Exchange Commission (SEC) is asking the public what they think about Grayscale trying to turn their Litecoin Trust into an ETF. This happens as the SEC is taking a closer look at crypto ETFs, and some think Litecoin might open the door for approvals.
Cardano ETF: A Fresh Angle for Investors
Now, Grayscale’s Cardano ETF would open up a brand new way for regular investors to get into ADA. If this application goes through, the U.S. market might just see its first spot Cardano ETF.
Related: Institutional Focus Turns to ADA: Cardano ETF Prediction
While Grayscale’s Cardano ETF application is one of the first out of the gate, big institutions are still getting more and more interested in digital assets. Other crypto investment firms, like Coinshares, are also adding to their crypto ETF lineups, proving that the financial world is getting more comfortable with crypto.
Cardano’s Market on the Upswing
Grayscale’s filing coincides perfectly with Cardano’s market doing well. In the last day, ADA’s price has jumped 9.1%, hitting $0.7547, with a total market value of $26.56 billion.
Source: CoinMarketCap
Related: Which Cryptocurrency ETF Will Be Approved First: XRP, ADA, DOGE, or HBAR?
This jump is happening alongside an 11.52% increase in 24-hour trading volume, which is now at $850.88 million. What’s more, the ADA market has shown strong positive energy, climbing from a low of $0.6919 to over $0.75, with investors watching to see if it can break through the $0.75 resistance level.
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