Grayscale Seeks SEC Approval for Spot Cardano ETF
Through the New York Stock Exchange ARCA, Gray Engraving has filed a document under the U.S. Securities Exchange Act of 1934 to introduce the on-site Cardano Exchange Fund (ETF).
This file stands out from previous files and represents a direct ETF startup rather than a conversion. Grayscale has not yet provided independent investment products to ADA, marking a new chapter in its investment products.
Cardano ETF’s grayscale file
The exchange filed a 19b-4 application with the SEC on February 10. The proposed ETF is intended to provide investors with Regulated contact with Cardano. Additionally, if approved, the stock will be listed under the stock symbol “Gada”.
“While investment in stocks is not a direct investment in ADA, stocks are intended to provide investors with a cost-effective and convenient way to gain investment exposure to ADA,” he said. Register statement.
Grayscale’s proposed fund will mark the debut of Cardano’s U.S. ETF. This file is in Tuttle Capital Management submits a request For ten leveraged crypto ETFs with ADA funds.
Eric Balchunas, senior ETF analyst at Bloomberg Posted On X (formerly Twitter).
In addition to Cardano, Grayscale is submitted to Convert other existing trusts Enter the live ETF, including Solana (Sol),,,,, XRP (XRP)and Dogecoin (Doge). However, the app faces regulatory challenges.
The SEC previously classified Cardano as Safety In it Litigation against binary and co-foundationtogether with XRP Solana. These legal obstacles may delay approval, such as others ETFs based on AltCoin.
That is, recent developments suggest that regulatory stances may have had a possible shift. Last week, SEC formally recognizes 19b-4 filing For grayscale solana etf. This move led analysts to speculate that it could set a positive precedent for other Altcoin ETFs, including XRP and ADA.
The submission comes after odds outlined by Bloomberg analysts James Seyffart and Balchunas. Altcoin ETF approved. According to their analysis,,,,, Litecoin (LTC) There is a 90% chance of getting ETF approval. In addition, Doge is in a state of 75%, sol 70% and XRP is 65%. However, the situation of ADA remains to be seen.
At the same time, after the news came out, ADA soared 9.3% On the 24-hour chart. In daily gains, it even surpasses Bitcoin (BTC),,,,, Ethereum (ETH)and xrp.
It is worth noting that this is an increase in a period of loss. It has dropped by 4.7% over the past week. In addition, Altcoin fell by 26.3% last month, which is also bearish. At the time of writing, the ADA trades at $0.75.
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