Grayscale Files for First-Ever Spot Cardano ETF in the U.S.
ADA increases by 11% while Grayscale Spot Cardano ETF becomes the 60th ETF Crypto ETF this year, which increases expectations for the approval of the dry.
Gray levels made another ambitious step in the crypto ETF Breed by submitting a 19b-4 form with the dry for a cardano spot (ADA) ETF, marking the very first attempt to bring Ada to the US ETF market.
This decision reflects Graycale’s push to extend institutional access to digital assets beyond Bitcoin (BTC) and Ethereum (Ethn).
Bloomberg ETF analyst, Eric Balchunas, noted that it is about the 60th Crypto ETF deposit this year, highlighting the rapid pace to which asset managers rush to obtain approvals in a changing regulatory era.
The 19B-4 deposit is a key requirement to register a new ETF on an exchange, essentially an official request for change of rule. Even if it is approved, an ETF spot also requires an effective S-1 recording declaration before you can start to exchange.
Since the announcement, ADA has jumped almost 11% in 24 hours, reaching $ 0.74 to date on February 11. Despite the rally, the token remains 76% below its $ 3.10 summit, recorded in September 2021.
The market reaction suggests growing optimism around ETF Altcoin, especially when analysts provide more deposits in the coming months.
Bloomberg ETF James Seyffart and Balchunas analysts estimate A 90% chance for a Litecoin (Thal) ETF approval and 70% for Solana (GROUND), which already have 19B-4 pending approvals.
The final decisions on the ETF of Litecoin and Solana are set for October 2 and 25, respectively.
Meanwhile, Seyffart and Balchunas have put the chances of undulation (Xrp) and Dogine (DOGE) ETF 65% and 70%, marking a striking contrast with the dry led by Gensler, which maintained a hard position on the crypto. Since his departure, the regulatory feeling seems to change.
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