NYSE Arca has filed for the listing of Grayscale Cardano Trust shares under the 'GADA' ticker. This is the first such ETF filed in the U.S.
New ETF: Grayscale Cardano Trust
NYSE Arca officially filed as necessary to list shares of the Grayscale Cardano Trust under the 'GADA' ticker. This is the first ETF related to Cardano filed in the United States. Analyst Eric Balchunas highlighted the uniqueness of this application as it opens up new investment opportunities in cryptocurrencies.
Trends in Crypto ETFs
Issuers have filed approximately 60 ETF proposals this year, testing the limits of the new SEC administration. One such initiative is Tuttle Capital Management's proposal for a 2x Cardano Leverage ETF, which would double the performance of the ADA token. The same firm previously proposed investing in companies potentially linked to alien technology, which was recognized as highly speculative.
Uncertain Approval Prospects
According to Bloomberg reports, current approval odds for altcoin ETFs vary. For instance, Litecoin has the highest odds of approval (90%), while XRP's is 65%. Since ADA was mentioned in SEC's lawsuits against several exchanges, its approval odds might be around 60%.
The expansion of ETF offerings is driven by investors' attempts to access new types of crypto products. The question remains as to what the chances are for the success of new applications in a changing regulatory environment.
