NYSE Arca Backs Grayscale’s First-Ever Cardano ETF – ADA Skyrockets! - Crypto Economy
TL;DR NYSE Arca files for Grayscale’s first-ever standalone Cardano ETF, marking a significant step towards creating a U.S.-based ETF for ADA. The announcement led to ADA’s price skyrocketing by over 12% in...
TL;DR
- NYSE Arca files for Grayscale’s first-ever standalone Cardano ETF, marking a significant step towards creating a U.S.-based ETF for ADA.
- The announcement led to ADA’s price skyrocketing by over 12% in a single day, reflecting growing interest and confidence in Cardano.
- Grayscale’s strategic move follows similar filings and underscores its commitment to expanding cryptocurrency offerings and investor diversity.
NYSE Arca has officially filed on behalf of Grayscale to launch the firm’s first-ever standalone Cardano ETF. The filing, made public on February 10th, signifies a major step towards creating a U.S.-based ETF specifically for Cardano (ADA). According to the filing, Coinbase Custody Trust Company will be the custodian of the assets. At the same time, BNY Mellon Asset Servicing will serve as the administrator.
The proposed rule change by NYSE Arca aims to facilitate the listing and trading of an additional type of exchange-traded product, marking the first of its kind based on ADA. This development is expected to enhance competition among market participants, ultimately benefiting investors and the broader marketplace.
A Surge in ADA Value
Following the announcement, Cardano’s ADA saw a remarkable surge in its value. Investors and traders responded positively to the news, with ADA’s price skyrocketing by over 13% in a single day, trading at $0.79. This surge highlights the growing interest and confidence in Cardano as a leading cryptocurrency.
Grayscale’s Strategic Moves
Grayscale’s decision to file for a Cardano ETF comes on the heels of several similar filings and amendments from the asset manager. Recently, Grayscale filed an amended proposal to convert its existing Solana trust into a spot Solana ETF.
These strategic moves underline Grayscale’s commitment to expanding its cryptocurrency offerings and providing investors with more diverse investment options. The cryptocurrency ETF landscape is becoming increasingly competitive. In recent weeks, several other asset managers have filed applications for various crypto ETFs.
Among them are WisdomTree, 21Shares, and Bitwise, each vying to introduce their own spot cryptocurrency ETFs to the market. The SEC’s decision on these filings will be closely watched, as approval could pave the way for a new era of crypto investments.
Future Prospects
As the SEC reviews Grayscale’s Cardano ETF filing, the crypto community eagerly anticipates the outcome. If approved, this ETF could significantly boost Cardano’s presence in the financial markets, attracting a broader range of investors.
The successful launch of the Cardano ETF would not only elevate ADA’s status but also further solidify Grayscale’s position as a pioneer in the cryptocurrency investment space.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
