Grayscale files for first ever spot Cardano ETF, marking the 60th crypto ETF filing this year

ADA surges 11% as Grayscale’s spot Cardano ETF becomes the 60th crypto ETF filing this year, raising expectations for SEC approval.

Grayscale has taken another ambitious step in the crypto ETF race by filing a 19b-4 form with the SEC for a spot Cardano (ADA) ETF, marking the first-ever attempt to bring ADA into the U.S. spot ETF market.

The move reflects Grayscale’s push to expand institutional access to digital assets beyond Bitcoin (BTC) and Ethereum (ETH).

Bloomberg ETF analyst Eric Balchunas noted that this is roughly the 60th crypto ETF filing this year, highlighting the rapid pace at which asset managers are scrambling to secure approvals in a shifting regulatory era.

The 19b-4 filing is a key requirement for listing a new ETF on an exchange, essentially a formal request for a rule change. Even if approved, a spot ETF also requires an effective S-1 registration statement before it can begin trading.

Since the announcement, ADA has surged nearly 11% in 24 hours, reaching $0.74 as of this writing on Feb. 11. Despite the rally, the token remains 76% below its all-time high of $3.10, recorded in September 2021.

The market’s reaction suggests growing optimism around altcoin ETFs, particularly as analysts anticipate more filings in the coming months.

Bloomberg ETF analysts James Seyffart and Balchunas estimate a 90% chance for a Litecoin (LTC) ETF approval and 70% for Solana (SOL), both of which already have pending 19b-4 approvals.

The final decisions on Litecoin and Solana ETFs are set for Oct. 2 and Oct. 25, respectively.

Meanwhile, Seyffart and Balchunas put the odds of Ripple (XRP) and Dogecoin (DOGE) ETFs at 65% and 70%, marking a stark contrast to the Gensler-led SEC, which maintained a hard stance on crypto. Since his departure, regulatory sentiment appears to be shifting.