ADA Price Surges as Grayscale Files for First-Ever US Spot Cardano ETF 📈
Grayscale has submitted a notable filing through NYSE Arca to launch the first-ever US spot Cardano ETF under the Securities and Exchange Act of 1934. This move represents a direct ETF launch rather than just a conversion and is a standout development in Grayscale's offerings.
The SEC filing involves regulated exposure to Cardano, and if approved, shares will be listed under the ticker "GADA." The move follows a trend of crypto-related ETF filings, being the first for Cardano in the US and part of 60 such submissions this year alone.
Grayscale has yet to offer a standalone ADA investment product making this significant for its strategy. The effort comes amid potential regulatory hurdles, notably with the SEC previously categorizing Cardano as a security.
Recent signals, however, suggest possible shifts within regulatory bodies, potentially paving the way for a favorable environment for crypto ETFs. Upon the news, Cardano's price notably rose by 9.3%, recovering from previous declines.
Source: beincrypto.com ↗
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