YEREVAN (CoinChapter.com) — On Feb. 10, Grayscale filed an application with NYSE Arca to list a Cardano (ADA) spot exchange-traded fund (ETF). The filing confirms the company’s plan to expand its crypto ETF offerings beyond Bitcoin and Ethereum.
Grayscale Spot Cardano ETF Filing. Source: Eric BalchunasUnlike its Solana (SOL) and XRP trusts, which are being converted into spot ETFs, the Cardano ETF would be a new product. According to the 19b-4 filing, the fund will hold only ADA, with each share reflecting a proportional interest in the fund’s holdings.
Coinbase Custody is named as the custodian, and BNY Mellon Asset Servicing will serve as the administrator. Mario Nawfal, founder of IBC Group, pointed out that the move follows the recent launch of a Cardano exchange-traded product (ETP) on Nasdaq Helsinki by Virtune AB.
ADA Price Surges 14% After ETF News
The ADA price increased 14% after the ETF filing became public. Most of the gains happened in a few hours, with ADA reaching an intraday high of $0.8.
Despite the price increase, ADA is still down 17% in the past two weeks. The asset reached a 2025 high of $1.16 on Jan. 18, but altcoins have faced selling pressure recently.
Even with this correction, ADA has gained 140% over the past six months. The ETF filing adds to growing discussions about institutional interest in Cardano. However, the U.S. Securities and Exchange Commission (SEC) has not yet made any decision on the application.
ADA Price Surge After ETF Filing. Source: TradingViewAltcoin ETFs Gain Attention
In recent weeks, several altcoin ETF applications have been submitted. Companies such as Canary Capital, WisdomTree, 21Shares, Bitwise, and VanEck have filed for XRP, Solana, and Litecoin ETFs.
The Cardano ETF filing adds to the trend of crypto asset managers seeking regulated investment products. The market is monitoring regulatory responses, as approvals could impact altcoin prices.
Bitcoin and Ethereum Spot ETFs See Mixed Flows
The spot Bitcoin ETF market had $578 million in inflows and $561 million in outflows in February, according to Farside Investors.
On Feb. 10, the funds saw $186.4 million in net outflows. The largest withdrawals came from Fidelity’s FBTC, which lost $136 million, and Grayscale’s GBTC, which saw $46.3 million in outflows. Meanwhile, BlackRock’s IBIT had $55.3 million in inflows, but total daily flows remained negative.
Bitcoin ETF Flow Data February 2025. Source: Farside InvestorsEthereum ETFs have had mostly positive flows in February, with just one day of outflows on Feb. 10, when $22.5 million exited the products.
The market continues to track developments in spot crypto ETFs, with a focus on regulatory updates and institutional demand for Cardano, Bitcoin, and Ethereum investment products.
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