On February 11, 2025, Grayscale Investments submitted a proposal to launch a Cardano (ADA)-based exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). This move marks Grayscale’s first investment product specifically focused on ADA, as reported by Coindesk.

The ETF filing comes amid the U.S. Securities and Exchange Commission’s (SEC) increasingly open stance toward crypto asset-based investment instruments. Previously, Grayscale had filed for ETFs for Solana and XRP and successfully launched a spot Bitcoin ETF.

Following this development, the price of ADA surged by approximately 11%, reaching $0.80, reflecting growing investor interest in the digital asset.

If approved, the Cardano ETF would allow investors to gain exposure to ADA without needing to directly own the asset. However, approval from the SEC remains a challenge, as the regulator has previously classified ADA as a security in certain legal cases.

Grayscale’s move underscores the growing institutional interest in the Cardano blockchain ecosystem, which is known for its scalability, security, and decentralization. Overall, the presence of this ETF has the potential to strengthen ADA’s market position and drive broader adoption among investors.