NYSE Arca has filed a 19b-4 form with the SEC to list and trade the Grayscale Cardano Trust (GADA), which would offer direct exposure to Cardano (ADA). If approved, it would be the first U.S. spot ETF for ADA, allowing investors to gain exposure without directly holding the cryptocurrency.
The trust, sponsored by Grayscale Operating, LLC and Grayscale Investments Sponsors, LLC, follows the company’s recent applications for Solana (SOL), XRP, and Litecoin (LTC) ETFs. Grayscale has already secured approval for a spot Bitcoin ETF, signaling a shift in SEC attitudes toward crypto-based financial products.
Other firms are also exploring Cardano-based investment products: Tuttle Capital Management filed for leveraged ADA ETFs. Virtune AB launched a Cardano ETP on Nasdaq Helsinki for institutional investors.
With a $25 billion market cap, Cardano’s focus on scalability, security, and sustainability makes it appealing for institutional adoption.
The SEC is reviewing multiple crypto ETF proposals, including Grayscale’s Litecoin ETF, which entered a 21-day public comment period. Cboe BZX Exchange’s proposal for in-kind redemptions of Bitcoin and Ethereum ETFs.
Following news of Grayscale’s filing, ADA’s price rose 1.5% to $0.71. If approved, the Grayscale Cardano Trust could mark another step toward broader institutional adoption of cryptocurrencies.
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