Grayscale has filed for the first U.S. spot ETF for Cardano (ADA), causing the token to surge by 11% and renewing interest in crypto ETFs.
Grayscale Filing Details
Grayscale filed a 19b-4 form with the SEC for the first spot Cardano ETF, as part of its effort to expand access to digital assets. This marks roughly the 60th crypto ETF filing this year.
Market Impact
Since the announcement, ADA surged by 11% in 24 hours, reaching $0.74. Despite the rally, the token remains 76% below its all-time high of $3.10.
Crypto ETF Prospects
Bloomberg analysts expect high chances of crypto ETF approvals for Litecoin and Solana. Final decisions for these ETFs are scheduled for October, stirring anticipation in the market.
Grayscale's filing for a spot Cardano ETF underscores a changing regulatory climate for cryptocurrencies. With decisions for other crypto ETFs pending, the market remains optimistic about expanding institutional access to digital assets.
