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- Grayscale has filed for a spot Cardano ETF, its first standalone offering
- The SEC is currently reviewing approximately 60 crypto ETF applications
- This surge in filings indicates a growing acceptance of cryptocurrencies in traditional finance
Grayscale Investments has recently submitted a filing to the U.S. Securities and Exchange Commission (SEC) for a spot Cardano (ADA) exchange-traded fund (ETF). The filing is around the 60th crypto ETF currently under SEC review, reflecting the increasing integration of digital assets into mainstream financial products. The filing represents Grayscale’s first standalone ETF, with its others having come from trusts.
Grayscale Using NYSE Arca
On February 10, Grayscale filed a 19b-4 form with the SEC to list and trade shares of the Grayscale Cardano Trust under the ticker symbol “GADA.” Filed through NYSE Arca, the ETF, if approved, would offer investors regulated exposure to ADA without the need to directly purchase the cryptocurrency. The filing states that the ETF aims to provide investors with “a cost-effective and convenient way to gain investment exposure to ADA.”
ADA, which hit exchanges in 2017, jumped 15% on the news to $0.70, although it remains some way off its all-time high of $3, which it hit in September 2021. As a blockchain it has never really hit the heights of competitors such as Solana or Ethereum, having never broken through into the mainstream in terms of usage.
60 And Counting
Grayscale’s filing adds to the plethora of crypto ETF currently being addressed by the SEC. Solana, XRP, and Dogecoin are among the targeted coins, with the influx of filings following the SEC’s approval of spot Bitcoin ETFs in January 2024 and spot Ether ETFs in May 2024, signaling a potential shift towards a more crypto-friendly regulatory environment. Bloomberg ETF analyst Eric Balchunas noted as much:
Grayscale filed 19b-4 for a spot Cardano ETF. First one in US and ballpark 60th crypto ETF filed this year so far pic.twitter.com/alj7EjtfIS
— Eric Balchunas (@EricBalchunas) February 11, 2025
The increasing number of crypto ETF filings indicates a growing acceptance of digital assets within traditional financial markets. The approval of spot Bitcoin and Ether ETFs has paved the way for asset managers to explore ETFs for other cryptocurrencies, reflecting a broader institutional interest in integrating digital assets into investment portfolios. This trend suggests a significant shift in the financial industry’s approach to cryptocurrencies, moving from skepticism to a more embracing stance.
