Grayscale, a leading digital asset manager, is pushing for a breakthrough in the cryptocurrency market with its filing for a Cardano (ADA) spot exchange-traded fund (ETF). On Monday, the New York Stock Exchange Arca submitted the filing with the US Securities and Exchange Commission (SEC), marking the first-ever Cardano spot ETF application in the United States.
The proposed product, called the Grayscale Cardano Trust, aims to track ADA’s performance, offering both institutional and retail investors a seamless way to gain exposure to the high-caliber cryptocurrency. This move signals Grayscale’s continued commitment to providing diverse access to digital assets, as it expands its focus beyond its existing Cardano offerings, including the Digital Large Cap Fund and the Smart Contract Ex-Ethereum Fund.
The filing has already had a positive impact on the market. In the 24 hours following the announcement, Cardano’s price surged 16%, pushing its weekly gains to an impressive 17%. At the time of writing, Cardano trades at $0.8006, bringing its total market capitalization to $28.2 billion. This sharp recovery comes after a market correction, with ADA almost fully regaining its previous losses.
This development is part of a larger trend, as Grayscale’s filing for the Cardano ETF represents the 60th cryptocurrency ETF application of 2025. Other notable filings this year include XRP, Dogecoin, and Solana ETFs. Additionally, Tuttle Capital’s recent filing for leveraged ETFs, including one focused on Cardano, underscores growing interest in crypto-linked investment products.
Also Read: Grayscale Files for Cardano ETF with NYSE as Institutional Interest Surge
With the SEC yet to make its ruling on the Grayscale Cardano Trust application, the cryptocurrency community is watching closely to see if this will pave the way for further institutional adoption. Should the SEC approve the product, it could signal a major milestone for ADA and the broader cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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