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Grayscale submits application: Will there be a Cardano ETF soon?

Now also Cardano: Asset manager Grayscale applies for ADA ETF with New York Stock Exchange Grayscale has submitted an application for a spot ETF on Cardano (ADA).

By Mike Hesp
• 2 min read
This will be important for Bitcoin and crypto this week

Now also Cardano: Asset manager Grayscale applies for ADA ETF with the New York Stock Exchange

Grayscale has filed for a spot ETF on Cardano (ADA). The company previously submitted applications for cryptocurrencies such as Ripple, Litecoin and Solana.

With a so-called spot ETF, institutional investors can easily invest in specific crypto coins. The most successful example to date is the BTC spot ETF, with a market value of over $100 billion. This was launched last year and became the most successful ETF ever.

Launched in 2017, Cardano is one of the largest smart contract blockchains in the industry. With a market capitalization of around $28 billion, the coin is currently the ninth most valuable cryptocurrency. Since the news of the filing, the share price has risen by about 15 percent.

Recently, the Cardano blockchain moved into the “Voltaire” phase, the fifth and final step in the multi-year roadmap. Control is gradually transferred to the token holders, or the community.

A political shift in Washington has created a more positive environment for cryptocurrencies. This also applies to the increased chance of approval of various crypto ETFs. According to market experts, that chance is now greater than ever.

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