Grayscale Expands ETF Lineup with Cardano Filing
Grayscale Investments has taken another step in expanding its lineup of cryptocurrency exchange-traded funds (ETFs) by filing for a Cardano (ADA) ETF. The application, submitted by NYSE Arca, seeks approval from the SEC to offer investors exposure to ADA, the ninth-largest cryptocurrency by market cap.
If approved, the Cardano ETF would join Grayscale’s growing list of crypto investment products, including ETFs for Bitcoin, Ethereum, and the recently proposed Solana, XRP, and Dogecoin funds. Grayscale emphasized that ADA’s price and market data are widely available, making it suitable for an exchange-traded product.
Market Reaction and Future Prospects
Following the news, Cardano surged 12% to $0.748, making it the top-performing asset among the 10 largest cryptocurrencies. The ETF proposal falls under NYSE Arca Rule 8.201-E, which governs commodity-based trust shares, with Coinbase Custody Trust handling the storage of ADA in cold wallets.
Currently, only Bitcoin and Ethereum spot ETFs have received regulatory approval in the U.S. However, the growing momentum behind alternative crypto ETFs—including Dogecoin, XRP, and Solana—suggests that Grayscale is positioning itself for potential SEC approvals in 2025.
