$ADA bullish scenario 🚀

Crypto ETF issuers are holding steady, waiting for the SEC’s approval to launch new products. Grayscale, a major player in the space, continues to push forward with its strategy — this time putting Cardano (ADA) in the spotlight. The company has filed new documents aiming to bring a Cardano ETF to Wall Street.

Grayscale recently submitted an S-1 form to the SEC for its Cardano-focused ETF, following an earlier 19b-4 filing that’s already been accepted. The ETF would be called the Grayscale Cardano Trust and trade on NYSE Arca under the ticker GADA, with Coinbase Custody handling asset storage. The ETF would track Cardano’s price through the CoinDesk Cardano Index (ADX).

Excitement is growing, especially on social media platform X (formerly Twitter), where Polymarket predicts an 87% chance the SEC will approve the ETF.

Grayscale’s strategy is to offer passive, indexed ETFs without leverage or derivatives, relying on Coinbase Custody for security and BNY Mellon for administration. Shares are expected to be traded in blocks of 10,000 units, facilitated by liquidity providers. Some ETFs, like the upcoming one for Polkadot, may include staking up to 85% of holdings—if regulations allow it.

Cardano’s ETF application isn’t without risk, especially if the SEC classifies ADA as a “security.” Still, Grayscale is pushing forward, confident that it can help open the door for other altcoins. With 96 crypto ETF filings currently under SEC review—92 of them filed since April—competition is heating up. Grayscale is also working on a Polkadot ETF, and others like Avalanche may follow soon.

The race to launch the next big crypto ETF is on—and Grayscale is determined to lead the charge.