Cardano Shines as Grayscale Pushes for Spot ETF Approval
Grayscale Investments has filed for a spot Cardano ETF, becoming the first in the U.S. to do so. This move intensifies competition in the crypto ETF market. On Monday, NYSE Arca submitted the application for the Grayscale Cardano Trust to the US Securities and Exchange Commission (SEC). This ETF aims to track the performance of […]
Grayscale Investments has filed for a spot Cardano ETF, becoming the first in the U.S. to do so. This move intensifies competition in the crypto ETF market.
On Monday, NYSE Arca submitted the application for the Grayscale Cardano Trust to the US Securities and Exchange Commission (SEC). This ETF aims to track the performance of ADA, Cardano’s native cryptocurrency, and provide institutional and retail investors with easier access to this digital asset.
This filing stands out as the first spot ETF in the US focused solely on Cardano and represents Grayscale’s first independent product centered on ADA. Although Grayscale already offers Cardano exposure through its Digital Large Cap Fund and Smart Contract Ex-Ethereum Fund, this new ETF shifts its focus entirely to ADA’s market performance.
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Cardano’s Price Soars on Filing News
The announcement of the ETF filing immediately sparked significant price action for Cardano. As a result, ADA, currently the ninth-largest cryptocurrency by market cap, experienced a dramatic 16% surge in the past 24 hours. Furthermore, this spike boosted its weekly gains to 17%, nearly erasing all losses from the previous week’s market correction.
At the time of writing, ADA trades at $0.8006, with a market capitalization of $28.2 billion. The strong rally reflects growing investor confidence in ADA, spurred by the potential for broader adoption through the Grayscale ETF.
Crypto ETF Filings Continue to Multiply
The Grayscale Cardano filing adds to the rapidly increasing list of crypto-related ETF applications in 2023. Notably, this marks the 60th such filing this year. Recent applications include ETFs for XRP, Dogecoin, and Solana.
Related article: Cardano (ADA) Holds Strong at $0.73 – Will It Bounce 15%?
Last month, Tuttle Capital introduced applications for eight leveraged ETFs, including one tied to Cardano. Furthermore, on the same day as Grayscale’s filing, Nasdaq submitted a 19b-4 form to the SEC to list ETFs for XRP and Litecoin on behalf of asset manager CoinShares.
These developments highlight the accelerating momentum in the crypto ETF market, with asset managers eager to capitalize on growing investor demand. Grayscale’s bold move signals increasing confidence in Cardano as a major player in the crypto ecosystem.
Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
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