Grayscale Files for Cardano Spot ETF, ADA Gains 10%
Grayscale Investments has formally applied to launch the Cardano Exchange Traded Fund (ETF) on the New York Stock Exchange, marking a major milestone in the ADA community. The proposal was submitted by NYSE ARCA on behalf of Grayscale and aims to list shares and transaction shares of Cardano Cardano Trust. The move will compete with other asset managers for the launch of the Crypto ETF, which also represents the first time Grayscale offers a standalone product dedicated to Cardano, separate from large funds.
Grayscale has included Cardano in its digital large CAP fund and smart contract Ethereum fund, but this new trust will focus solely on ADA, providing retail and institutional investors with a more direct and cost-effective way to Investing in Cardano without the need to obtain complexity. And protect ADA yourself.
“The proposed rule changes are intended to promote fair, fair trade principles and protect investors and the public interest, as there is considerable ADA price and market information on public websites and through professional and subscription services,” the company said in the document .
The document adds to the growth behind Cardano, which has also attracted interest from other institutional participants. Recently, Finnish-based platform Virtune applied for its own independent Cardano ETP, and 21shares launched a Cardano-based ETF with assets of over $69 million.
The move of trusted asset manager Grayscale is seen as a positive signal of Cardano’s long-term prospects. As more institutional funds flow into the ADA through these specialized products, many believe that Cardano adoption and value will continue to rise. ADA has risen 10% in the past 24 hours and is currently trading at $0.75.
