Recently, Grayscale, a crypto asset management firm, registered trusts for Cardano and Hedera in Delaware. These steps indicate the possibility of launching ETFs tracking ADA and HBAR prices.
Positive Prospects for Cardano
The registration of the Grayscale Cardano Trust indicates bullish sentiment towards Cardano. The conversion of this trust into an ETF has been under SEC review since February. Furthermore, the difference between the trustees is that the Delaware Trust Company is used for Cardano, while the CSC Delaware Trust Company is utilized for Hedera.
Price Rallies for ADA and HBAR
According to reports, Grayscale increased the weight of Cardano to 18.5% in its Smart Contract Platform Fund. This occurred after Bloomberg analysts raised the odds of SEC approval for a Cardano ETF to 90%. In recent weeks, ADA’s price has risen by more than 52%. At the time of writing, ADA was trading at $0.871.
Institutional Interest in Hedera
The filing of the Hedera Trust also signals a strategic move to seek approval for a Hedera ETF. It is worth noting that Hedera has recorded demand from institutional investors due to its role in real-world asset tokenization. Trading HBAR on Robinhood has also highlighted the growing interest in this cryptocurrency.
Grayscale's steps towards registering trusts for Cardano and Hedera may enhance investor interest and open new possibilities for price growth in these cryptocurrencies.
