ADA Experiences 11% Surge Following Grayscale’s Spot Cardano ETF Filing, Marking 60th Crypto ETF Submission This Year.
In a significant development within the cryptocurrency market, Grayscale has filed a 19b-4 form with the SEC to introduce a spot Cardano (ADA) ETF, marking a historic move to integrate ADA into the U.S. spot ETF scene.
This filing underscores Grayscale’s initiative to broaden institutional access to digital assets, extending its focus beyond Bitcoin (BTC) and Ethereum (ETH).
Analysts highlight that this represents the 60th crypto ETF filing for 2024, demonstrating an intense competition among asset managers to obtain approvals amid changing regulatory landscapes.
The 19b-4 filing is critical for establishing a new ETF on the exchange, serving as an official request for a rule amendment. Approval of a spot ETF still requires an effective S-1 registration statement before trading can commence.
Since the filing announcement, ADA’s price has soared nearly 11% within 24 hours, reaching $0.74. However, the token remains 76% lower than its all-time high of $3.10 set in September 2021.
The market’s positive response reflects increasing optimism surrounding altcoin ETFs, as analysts predict more filings in the upcoming months.
Industry analysts estimate a 90% likelihood of approval for a Litecoin (LTC) ETF and a 70% chance for a Solana (SOL) ETF, both of which currently have pending 19b-4 approvals.
Decisions regarding the Litecoin and Solana ETFs are anticipated on October 2 and October 25, respectively.
Additionally, analysts have assigned a 65% chance for Ripple (XRP) and a 70% chance for Dogecoin (DOGE) ETF approvals, indicating a notable shift in the prevailing regulatory sentiment following leadership changes at the SEC.
