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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
