Greyscale Investments Files for Spot Cardano (ADA) ETF

Greyscale Investments has filed for a Cardano (ADA) ETF with the New York Stock Exchange (NYSE), the first of its kind. The token will be known as $GADA.

On the announcement, Cardano’s native ADA token surged 15% despite volatile market conditions, maintaining most of its surge. 

The news comes as altcoins gear up for ETF launches of their own as 21Shares, Greyscale, and Canary Capitol file multiple altcoin ETFs. 

Cardano ETF to arrive from Greyscale Investments

Greyscale Investments has filed for the first-ever Cardano ADA ETF for institutional investors. The discovery was made from the release of an NYSE 19b-4 registration form from Greyscale for a spot exchange-traded fund. 

Coinbase Custody Trust Company will be the ETF custodian while BNY Mellon Asset Servicing will take over the fund’s backend as altcoin ETFs gain increased filings. 

In a prediction made by Eric Baluc, after the launch of a combined spot Ethereum and Bitcoin ETF, altcoin ETFs may be next in line for launches.

Once the news broke out, ADA surged 15% from $0.70 to $0.81, where it has currently begun to form some sort of support level above $0.75.

Altcoin ETFs coming in 2025

Altcoin ETFs may be all the range in 2025 as multiple investment firms began filing for ETFs in late 2024.

Top picks for launches include Hedera Hashgraph (HBAR), Litecoin (LTC), Solana, and Ripple’s XRP token.

According to ETF analysts, Hedera and Litecoin are chosen for their clear regulatory record and ease. Hedera is an institutional-first DLT while Litecoin is very similar to Bitcoin and cannot be classed as anything more than what it is.

Ripple’s XRP has been on the cards for an ETF approval but it may not come until its current case with the SEC has been settled completely. 

Solana has been chosen for its popularity, with Donald Trump launching his own meme coin on the network before becoming president. 

With Greyscale’s new filing, Cardano has been added to the list of upcoming ETFs which may very well get a launch this year in 2025, especially with President Trump adding ADA to an upcoming Crypto Strategic Reserve, announced on March 2, 2025 alongside Solana and Ripple (XRP).