It looks like Grayscale is doubling down on crypto, this time betting big on Cardano. The investment giant filed Monday to launch a Cardano (ADA-USD) exchange-traded fund (ETF) on the New York Stock Exchange, marking its first solo venture into ADA. According to their announcement, this daring move comes as no surprise to those watching the crypto space develop under Trump, especially with XRP (XRP-USD), Solana (SOL-USD) and Litecoin (LTC-USD) in a race to file ETFs as well.
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SEC Ushers in New Era Under Trump 2.0
With the SEC’s recent softer stance on crypto regulation, dubbed “Trump 2.0,” Grayscale’s timing couldn’t be better. “The pivot from policing to embracing crypto by the SEC has opened new doors for us,” a Grayscale spokesperson noted. This is not just talk; following their breakthrough with a U.S.-based Bitcoin ETF last year (GBTC), Grayscale is now expanding its portfolio to include standalone offerings, previously uncharted territories for the firm.
Market Reacts with Optimism
The news nudged ADA’s price up by 1.5% to 71 cents, demonstrating unsurprising investor enthusiasm. With Cardano’s market cap hovering around $25 billion, it’s clear why Grayscale would target ADA. Their move could signal a growing trend of embracing high-potential cryptocurrencies through more accessible investment products like ETFs.
At the time of writing, ADA is sitting at $0.7644.
