Ethereum Rival Cardano Surges This Week As Crypto Giant Grayscale Files ADA ETF Application

Cardano has managed to outshine a large percentage of the digital asset market this week amid news that the crypto asset management firm Grayscale wants to create a spot ADA exchange-traded fund (ETF) for the smart contract platform.

The ETF and securities exchange NYSE Arca, a subsidiary of the New York Stock Exchange, submitted a filing with the U.S. Securities and Exchange Commission (SEC) on Monday to propose listing the Grayscale Cardano Trust, which, if approved, would be the first-ever ADA ETF.

ADA is trading at $0.804 at time of writing. The 9th-ranked crypto asset by market cap is up nearly 2% in the past day and more than 12% in the past week. By comparison, the overall crypto market cap is down nearly 3% in the past 24 hours and up less than 2% in the past seven days.

The SEC greenlit the first spot market Bitcoin ( BTC ) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently  approved  Ethereum ( ETH ) ETFs for trading in July.

Grayscale already offers Bitcoin and Ethereum ETFs, as well as “mini” versions of both funds. The crypto asset management firm also hopes to launch Dogecoin ( DOGE ), Solana ( SOL ) and XRP ETFs, none of which have been approved yet by the SEC.

Generated Image: Midjourney