SEC Acknowledges Grayscale’s Spot Cardano ETF Filing, Sparking Optimism for ADA’s Future
In a significant development for the Cardano ecosystem, the U.S. Securities and Exchange Commission (SEC) has officially acknowledged NYSE Arca’s proposal to list and trade shares of the Grayscale Cardano Trust. This acknowledgment, confirmed on February 24, marks the beginning of a formal regulatory review process expected to conclude by August 2025.
All About the Spot Cardano ETF
| Broker | Review | Regulators | Min Deposit | Website | |
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| 🥇 |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FSCA, FSC, ASIC, CySEC, DFSA | USD 5 | Visit Broker |
| 🥉 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
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| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
Aiming to follow Cardano’s price via the CoinDesk Cardano Price Index (ADX), the proposed exchange-traded fund would trade under the ticker symbol GADA. Selected based on their compliance with U.S. federal and state licencing criteria, this index gathers pricing data from leading bitcoin exchanges like Coinbase, Crypto.com, Bitfinex, and Kraken.
Originally submitting the proposal on February 10, 2025, NYSE Arca later amended the proposal to reflect all past iterations on February 20, 2025. The file claims that “An investment in the Shares is not a direct investment in ADA; the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ADA.”
Implementing multi-layer security measures including regionally distributed private key storage in safe vaults and advanced encryption techniques, Coinbase Custody Trust Company has been assigned as the ETF custodian. The transfer agent and administrator is BNY Mellon Asset Servicing.
Regulatory Timeline
The SEC’s acknowledgment initiates a standard review process that includes:
- A public comment period lasting 21-30 days
- Detailed evaluation of the proposal’s compliance with investor protection standards
- Assessment of market integrity and fraud prevention measures
The regulatory body must reach a final decision within 180 days of the filing date, placing the decision deadline in August 2025. Currently, prediction markets like Polymarket show the odds of approval rising to 64%.
Cardano Network Growth
Beyond price action, Cardano’s underlying network metrics show significant growth that could support long-term price appreciation:
- The network recently surpassed 5.2 million wallets
- Over 50,000 new wallets were created in the past 30 days
- Daily active addresses surged 57.8% in Q4 2024
- Daily transactions increased 65.4% in the same period
These statistics indicate rising adoption and network utilization, potentially supporting sustainable price growth independent of ETF developments.
Broader Crypto ETF Landscape
The Cardano ETF filing comes amid a flood of cryptocurrency ETF applications following the inauguration of crypto-friendly U.S. President Donald Trump. Recent weeks have seen the SEC acknowledge numerous exchange filings related to cryptocurrency ETFs, including:
- Cboe’s XRP ETF
- Grayscale’s spot XRP and Dogecoin ETFs
- Nasdaq’s filing for position and exercise limits on options tied to BlackRock’s iShares Bitcoin Trust (IBIT)
- Nasdaq’s application to list an ETF holding Hedera Network’s native token (HBAR)
This regulatory shift follows the successful launch of Bitcoin ETFs in January 2024 and Ethereum ETFs in mid-2024, with Grayscale having converted its Bitcoin (GBTC) and Ethereum (ETHE) trusts to ETFs last year.
ADA/USD Technical Analysis
Following the announcement, Cardano ADA/USD has kept somewhat consistent price action, hovering around $0.77 – up 1.13% in the last 24 hours at press time. Technical analysts say maintaining optimistic momentum depends critically on the $0.67-$0.80 level.
As both resistance and support, crypto analyst Ali Martinez notes this zone as historically important. “Holding above this zone signals strong buying interest and sets the stage for a possible rally,” Martinez said in a recent study.
Several technical indicators suggest positive momentum:
- The 20-day Exponential Moving Average (EMA) appears poised for a potential bullish crossover
- The Moving Average Convergence Divergence (MACD) line has moved above the signal line, indicating upward momentum
- The Parabolic SAR indicator shows dotted lines positioned below the ADA price, typically seen during developing uptrends
Should ADA effectively surpass the $0.80 resistance level, analysts estimate possible objectives at $0.94, then the psychologically significant $1 mark. With some hopeful analysts proposing possible targets as high as $5-$6 during this bull cycle, a steady climb past $1 might open a road to $1.35.
But failing to keep support above $0.67 might set off selling pressure, maybe bringing prices down to $0.54.
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