Grayscale Files for Spot Cardano ETF, First ADA-Based Investment Vehicle
Crypto ETF issuer Grayscale Investments has recently filed a 19b-4 application to list a Cardano exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). The fund marks the first standalone ADA-based product in the US.
On Monday, NYSE Arca submitted the application on behalf of Grayscale, marking it the 60th crypto ETF filed this year so far, per Bloomberg senior ETF analyst Eric Balchunas.
The Cardano ETF is expected to attract significant investment, with ADA already reaching a 12% gain following the announcement. The token is now priced at $0.753 according to CoinGecko data.
Trump’s 2.0 administration and the SEC’s crypto-friendly pivot has become more conducive for issuers to lodge similar crypto ETF products. Grayscale has also previously filed for a Solana and XRP ETF.
“The Exchange notes that the proposed rule change will facilitate the listing and trading of an additional type of exchange-traded product, and the first such product based on ADA, which will enhance competition among market participants, to the benefit of investors and the marketplace,” the filing read.
The proposed ETF is set to trade under the ticker ‘GADA’ and would provide traditional investors direct exposure to the ninth-largest crypto by market cap.
ADA ETF Likely to Further Market Momentum
Market analysts believe that altcoin ETFs are gaining momentum in the recent past, thanks to more favorable crypto regulatory environment. Under new acting Chair Mark Uyeda, the SEC appears more receptive to crypto products than it was under former Chair Gary Gensler, who was considered more hostile towards the industry.
However, the ADA vehicle has not been on the radars of commentators, despite the token’s popularity.
Nevertheless, the positive signal offers a glimmer of hope for ADA investors who have been waiting for a rally, not just for Cardano, but across the altcoin market.
Further, according to Balchunas, the SEC is depending heavily towards giving the green light to a spot Litecoin ETF. Litecoin leads a whooping 90% chance, followed by doge with 75%, Solana with 70%, and XRP with 65%.
The post Grayscale Files for Spot Cardano ETF, First ADA-Based Investment Vehicle appeared first on Cryptonews.
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Grayscale Files for Spot Cardano ETF, First ADA-Based Investment Vehicle
Crypto ETF issuer Grayscale Investments has recently filed a 19b-4 application to list a Cardano exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). The fund marks the first standalone ADA-based product in the US.
On Monday, NYSE Arca submitted the application on behalf of Grayscale, marking it the 60th crypto ETF filed this year so far, per Bloomberg senior ETF analyst Eric Balchunas.
The Cardano ETF is expected to attract significant investment, with ADA already reaching a 12% gain following the announcement. The token is now priced at $0.753 according to CoinGecko data.
Trump’s 2.0 administration and the SEC’s crypto-friendly pivot has become more conducive for issuers to lodge similar crypto ETF products. Grayscale has also previously filed for a Solana and XRP ETF.
“The Exchange notes that the proposed rule change will facilitate the listing and trading of an additional type of exchange-traded product, and the first such product based on ADA, which will enhance competition among market participants, to the benefit of investors and the marketplace,” the filing read.
The proposed ETF is set to trade under the ticker ‘GADA’ and would provide traditional investors direct exposure to the ninth-largest crypto by market cap.
ADA ETF Likely to Further Market Momentum
Market analysts believe that altcoin ETFs are gaining momentum in the recent past, thanks to more favorable crypto regulatory environment. Under new acting Chair Mark Uyeda, the SEC appears more receptive to crypto products than it was under former Chair Gary Gensler, who was considered more hostile towards the industry.
However, the ADA vehicle has not been on the radars of commentators, despite the token’s popularity.
Nevertheless, the positive signal offers a glimmer of hope for ADA investors who have been waiting for a rally, not just for Cardano, but across the altcoin market.
Further, according to Balchunas, the SEC is depending heavily towards giving the green light to a spot Litecoin ETF. Litecoin leads a whooping 90% chance, followed by doge with 75%, Solana with 70%, and XRP with 65%.
The post Grayscale Files for Spot Cardano ETF, First ADA-Based Investment Vehicle appeared first on Cryptonews.
Read More