Grayscale becomes the first asset manager to file for a spot Cardano ETF in the United States as the race for crypto ETFs heats up.
Digital asset manager Grayscale is looking to list and trade a Cardano spot exchange-traded fund (ETF). On Monday, the NYSE Arca filed for the investment product with the US Securities and Exchange Commission (SEC) on behalf of Grayscale.
The ETF, the Grayscale Cardano Trust, will track ADA’s performance and provide institutional and retail investors with alternative access to the high-caliber cryptocurrency. Notably, this is the first Cardano spot ETF filing in the US and the first standalone Cardano product from Grayscale.
For context, Grayscale already provides Cardano exposure through its Digital Large Cap Fund and Smart Contract Ex-Ethereum Fund. However, this is the first to focus solely on tracking ADA’s performance.
Cardano Surges 16%
Meanwhile, the news has contributed to Cardano’s strong bounce today. The ninth-largest cryptocurrency by market cap has surged an impressive 16% in the past 24 hours following the Grayscale filing.
The upsurge increased its weekly gains to 17%, almost entirely recovering all losses from last week’s correction. At the time of writing, the asset trades at $0.8006 and has a market cap of $28.2 billion.
The ETF Filings Keeps Coming
Meanwhile, Grayscale’s Cardano filing is the 60th ETF filing for a crypto product this year. Asset managers submitted applications for XRP, Dogecoin, and Solana ETFs earlier. Last month, Tuttle Capital filed for eight leveraged ETF products, including one around Cardano.
ETF Store president Nate Geraci confirmed the latest Grayscale application, revealing that it was one of the three ETF filings yesterday. On the same day, Nasdaq filed a 19b-4 form with the SEC to list and trade an XRP and Litecoin ETF on behalf of asset manager CoinShares.