Cardano has managed to outshine a large percentage of the digital asset market this week amid news that the crypto asset management firm Grayscale wants to create a spot ADA<\/a> exchange-traded fund (ETF) for the smart contract platform.<\/p>\n The ETF and securities exchange NYSE Arca, a subsidiary of the New York Stock Exchange, submitted a filing<\/a> with the U.S. Securities and Exchange Commission (SEC) on Monday to propose listing the Grayscale Cardano Trust, which, if approved, would be the first-ever ADA ETF.<\/p>\n ADA is trading at $0.804 at time of writing. The 9th-ranked crypto asset by market cap is up nearly 2% in the past day and more than 12% in the past week. By comparison, the overall crypto market cap is down nearly 3% in the past 24 hours and up less than 2% in the past seven days.<\/p>\n The SEC greenlit the first spot market Bitcoin (BTC<\/a>) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently\u00a0approved<\/a>\u00a0Ethereum (ETH<\/a>) ETFs for trading in July.<\/p>\n Grayscale already offers<\/a> Bitcoin and Ethereum ETFs, as well as \u201cmini\u201d versions of both funds. The crypto asset management firm also hopes to launch Dogecoin (DOGE<\/a>), Solana (SOL<\/a>) and XRP<\/a> ETFs, none of which have been approved yet by the SEC.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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