Grayscale Files Application for a Spot Cardano ETF

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Grayscale has submitted a 19b-4 form to the SEC for a spot Cardano ETF. This is the first attempt to introduce ADA into the US spot ETF market, demonstrating Grayscale’s commitment to expanding institutional access to digital assets beyond Bitcoin and Ethereum.

According to Bloomberg ETF analyst Eric Balchunas, this is one of at least 60 crypto ETF filings this year, highlighting the intense competition among asset managers to secure approvals in a rapidly changing regulatory landscape.

The 19b-4 filing is a crucial step in the process of listing a new ETF, involving a formal request for a rule change. However, even if approved, a spot ETF also requires an effective S-1 registration statement before it can start trading.

Following the announcement, ADA has seen a surge of 11% in value within 24 hours, reaching $0.74 as of writing on February 11th. Despite this spike, the token is still 76% lower than its all-time high of $3.10, which was achieved in September 2021.