Grayscale Files Application to Launch Cardano (ADA) ETF – SEC Review Begins

In recent months, more and more companies have announced their intention to launch spot cryptocurrency exchange-traded funds (ETFs) in the United States. One of the most active players in this area remains the largest digital asset manager, Grayscale.

On February 10, the company officially filed an application with the New York Stock Exchange (NYSE) to create an ETF based on Cardano (ADA). A few hours ago, the US Securities and Exchange Commission (SEC) confirmed receipt of the application, marking the beginning of the regulatory review process. This process usually takes up to 240 days.

Chances of ETF approval are growing

After SEC recognition, the fund’s likelihood of approval increased from 52% to 66% (according to Polymarket). This means that the product could receive the green light before the end of 2025.

If approved, investors will be able to access Cardano (ADA) through traditional stock markets, without having to purchase tokens directly from exchanges or worry about custody. This could lead to increased demand for the crypto asset and have a long-term positive impact on its price.

Current situation on the Cardano market

Despite the positive news, the price of ADA is currently under pressure. According to CoinGecko, the token is trading around $0.64, which represents a daily drop of 12%. Cardano’s performance coincides with a general decline in the crypto market: Bitcoin (BTC) fell below $90,000, and Ethereum (ETH) dropped below $2,400.

Investors and analysts will be closely watching the progress of Grayscale’s application, as the launch of an ETF on Cardano could be a major step for institutional adoption of the altcoin and impact its price in the long term.