Crypto investment firm Grayscale on Monday filed to list a Cardano (ADA) exchange traded fund on the New York Stock Exchange.
Grayscale, which last year broke through U.S. regulators’ blockade against the bitcoin ETF, has never previously offered a standalone ADA investment vehicle despite making past moves to do so.
But the Trump 2.0 SEC’s pivot from policing the crypto industry to seemingly embracing it has emboldened issuers to think big about what they can get through. In recent weeks Grayscale filed for a Solana and XRP ETF as well.
Those products would convert Grayscale’s preexisting crypto trust products into more widely tradeable ETFs whereas the ADA ETF would be entirely new.
Investor demand has always been high for the flagship asset of the Cardano blockchain. ADA ranks among the largest crypto assets by market cap, weighing in at $25 billion at press time. The token spiked 1.5% to 71 cents following the Grayscale news.
Market observers increasingly believe the time is nigh for altcoin ETFs to clear the not-quite-as-skeptical SEC. But an ADA vehicle had not been on many commentators’ radars despite the coin’s popularity.
Grayscale did not immediately return a request for comment.