Grayscale’s Cardano ETF Application Was Approved by SEC

In a significant move for the crypto sector, the US Securities and Exchange Commission (SEC) has officially approved Grayscale’s application for a spot Cardano ETF. This marks a major milestone in the approval process for the first Cardano exchange-traded fund (ETF) in the US.

Details about the Grayscale Cardano ETF

Leading digital asset management company Grayscale filed the application on February 10, 2025, through NYSE Arca. The ETF will trade under the ticker GADA and provide traditional investors with regulated access to ADA, the native cryptocurrency of the Cardano blockchain.

This move fits into Grayscale’s strategy to expand its crypto ETF offerings beyond Bitcoin and Ethereum. Recently, the company has filed similar applications for Solana (SOL) and XRP.

Administration and regulatory process

According to the Grayscale application, Coinbase Custody Trust Company will act as custodian, while BNY Mellon Asset Servicing will handle the administrative management of the proposed trust.

Recognition by the SEC initiates a 45-day review period during which the proposal is published in the Federal Register, giving the public an opportunity to provide comments as the SEC continues to evaluate the application.

Possible impacts on the market

The news about the Grayscale’s Cardano ETF approval has already led to a sharp increase in the ADA price by as much as 16%. Analysts predict that an approval could further increase the ADA value, possibly towards the $2.50 mark.

Conclusion: Growing institutional demand for crypto ETFs

With this step, Grayscale is demonstrating the increasing institutional demand for regulated crypto investment products.

The approval of a Cardano ETF would not only increase competition among market participants, but would also provide investors with secure access to ADA. This could significantly increase the acceptance of the Cardano blockchain in the long term.

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