Big News: Grayscale Files for Cardano Spot ETF, ADA Gains 10%

Grayscale Investments has officially filed to launch a Cardano exchange-traded fund (ETF) on the New York Stock Exchange, marking a major milestone for the ADA community. The proposal, submitted by NYSE Arca on behalf of grayscale Investment grayscale Investment - Investment platform seeks to list and trade shares of the Grayscale Cardano Trust. This move positions Grayscale among other asset managers racing to launch crypto ETFs, and it also represents the first time Grayscale has offered a standalone product dedicated exclusively to Cardano, separate from its larger funds.

Grayscale has already included Cardano in its Digital Large Cap Fund and Smart Contract Ethereum Fund, but this new trust would focus exclusively on ADA, offering both retail and institutional investors a more direct, cost-effective way to invest in Cardano without the complexities of acquiring and securing ADA themselves.

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“The proposed rule change is designed to promote just and equitable principles of trade and to protect investors and the public interest in that there is a considerable amount of ADA price and market information available on public websites and through professional and subscription services,” the company said in the filing.

Growing Institutional Interest in Cardano

This filing adds to the growing momentum behind Cardano, which has also seen interest from other institutional players. Recently, Virtune, a Finnish-based platform, filed for its own standalone Cardano ETP, and 21Shares launched a Cardano-based ETF with over $69 million in assets.

The move by Grayscale, a trusted asset manager, is seen as a positive sign for Cardano’s long-term prospects. As more institutional money flows into ADA through these specialized products, many believe Cardano’s adoption and value will continue to rise.  ADA has gained 10% in the last 24 hours and is currently trading at $0.75.