Cardano News: Grayscale Files for First-Ever Spot Cardano ETF

Grayscale is filing for the first-ever spot Cardano ETF in the U.S. This step was made official through a 19b-4 form submission to the SEC, marking Grayscale’s ambitious push to expand institutional access beyond Bitcoin and Ethereum. This filing also happens to be the 60th crypto ETF application of the year, reflecting the fast-paced evolution of crypto in traditional finance.

Grayscale’s Spot Cardano ETF: A Milestone Move

By filing for a spot Cardano ETF, Grayscale aims to bring ADA directly into the U.S. spot ETF market for the first time ever. The 19b-4 form is a crucial step, acting as a formal request to the SEC for a rule change that would allow ADA to be listed on an exchange. However, even if this hurdle is cleared, an effective S-1 registration statement will still be required before trading can officially begin.

ADA Price Surges 11% on ETF News

The market wasted no time reacting to the news. ADA surged nearly 14% within 24 hours of the announcement, reaching $0.80 as of February 11. While this is a strong rally, ADA remains 76% below its all-time high of $3.10 from September 2021. Still, the price movement signals strong investor optimism around the potential for altcoin ETFs to gain mainstream traction.

ADA/USDT 1-day chart - Bitget

The Bigger Picture: A Wave of Crypto ETF Filings

Grayscale's filing isn't an isolated event—it's part of a much larger trend. Bloomberg ETF analyst Eric Balchunas highlighted that this is approximately the 60th crypto ETF filing this year alone, underlining the aggressive pace at which asset managers are racing to get regulatory approvals. This surge in applications comes amid shifting regulatory dynamics, especially with the SEC's evolving stance on crypto ETFs.

Cardano Prediction: What’s Next for Crypto ETFs?

According to Bloomberg analysts James Seyffart and Eric Balchunas, the odds look promising for other altcoin ETFs as well. They estimate a 90% chance of approval for a Litecoin ETF and 70% for Solana , both of which have pending 19b-4 filings. Final decisions are expected on October 2 for Litecoin and October 25 for Solana. Additionally, the odds of XRP and Dogecoin ETFs being approved stand at 65% and 70%, respectively.