When Grayscale's Spot Cardano ETF becomes its 60th crypto ETF filing this year, the ADA surges 11%, raising expectations for SEC approval.
Grayscale has taken another ambitious step in the Crypto ETF race. He submitted the Spot Cardano (ADA) ETF to the SEC, marking his first attempt to bring the ADA into the US spot ETF market.
The move reflects the push for grayscale to expand institutional access to digital assets beyond Bitcoin (BTC) and Ethereum (ETH).
Bloomberg ETF analyst Eric Balknath pointed out this year's 60th crypto ETF submission, highlighting the rapid pace of asset managers rushing to secure approval in the changing age of regulatory.
19B-4 filing is an important requirement for listing new ETFs in exchange and is essentially a formal requirement for rule changes. Even if approved, Spot ETFs also need an effective S-1 registration statement before they can begin trading.
Since its announcement, the ADA has skyrocketed nearly 11% in 24 hours, reaching $0.74 at the time of writing on February 11th. Despite the rally, the tokens are 76% below the all-time high of $3.10 recorded in September 2021.
Market responses suggest a growing optimism regarding the Altcoin ETF, particularly as analysts expect more applications in the coming months.
Bloomberg ETF analysts James Seifert and Bulknath estimate the 90% chance of a Litecoin (LTC) ETF approval and 70% of Solana (SOL).
Final decisions regarding the Litecoin and Solana ETFs are set for October 2nd and October 25th, respectively.
Meanwhile, Seyffart and Balchunas contrast with the Gensler LED SEC, which has odds for Ripple (XRP) and Dogecoin (Doge) ETFs at 65% and 70%, in contrast to the Crypto hard stance. Since his departure, the feelings of regulation appear to have changed.
