- Grayscale filed to list a Cardano ETF on the NYSE
- This will be the first standalone ADA investment product
- It comes after Grayscale fillings for SOL and XRP ETFs
- SEC acknowledges 19b-4 filings
Grayscale has filled out the application for the Cardano ETF on the NYSE, which will be the first standalone ADA investment product alongside its SOL ETF and XRP ETF.
UPD: SEC acknowledges 19b-4 filings
More About Grayscale Cardano ETF
So, Grayscale may be staying behind Blackrock in BTC accumulation, but it’s playing ahead of the curve with other key cryptocurrencies.
Grayscale has previously applied to convert the existing Solana Trust into an exchange-traded fund by filing with the SEC.
More recently, Grayscale also applied to convert the XRP Trust into an ETF.
And now Grayscale has applied for a Cardano ETF on the NYSE, but perhaps this should be given separate consideration.
The point is that likely after a fundamental shift in the SEC – which could affect the resolution of cases against Binance and other crypto platforms – it could create a more favorable environment for the adoption of many crypto ETFs beyond Bitcoin and Ethereum.
But given the fact that the pro-crypto course of the US is fundamental, and Cardano’s focus was originally on industrial and government-grade blockchain – they seem to have been waiting for each other.
Meanwhile, ADA experienced a sharp rise today, first from $0.7 to $0.75, and after a few corrections to sharply raised to $0.8. Although it later faced a wave of corrections and fell to $0.76 at the time of writing.
SEC has formally acknowledged Grayscale’s 19b-4 filing to list and trade its Solana Trust on NYSE Arca.
Conclusion
Perhaps Cardano can become a separate priority for some investment funds, or will Solana still take that place? However, it will likely have a very rapid development soon, especially when most of the new crypto task force initiatives will become fully established and implemented.
Be aware and stay tuned for updates on the rapidly reshaping crypto landscape.
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