Asset managers have been filing exchange-traded fund (ETF) applications. Cardano ETF is expected to debut soon, after Bitcoin ETF and Ethereum ETF. Grayscale announced the New York Stock Exchange listing of an ADA-based ETF earlier today. The U.S. Securities and Exchange Commission received a form 19b-4 from NYSE Arca (a division of NYSE) requesting approval for the Grayscale Cardano Trust. This trust would be traded under the ticker ADA. “GADA.”
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Grayscale’s latest interest
Grayscale’s first Cardano ETF is a standalone product. Investors can learn more about ADA if the green light is given. Coinbase Custody Trust Company LLC will be the custodian while BNY Mellon is responsible for administrative functions. NYSE Arca stated,
“The proposed rule change will facilitate the listing and trading of an additional type of exchange-traded product, and the first such product based on ADA, which will enhance competition among market participants, to the benefit of investors and the marketplace.”
ADA’s price spiked dramatically after the news. The altcoin reached a trading high of $0.8051 at the time this article was written. The altcoin has risen 14.38% in the last 24 hours. The asset traded at $0.6947 earlier today before jumping up to $0.8159.
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Cardano Price Prediction
Cardano ETFs are unlikely to be approved. Community members are confident that it will be revealed by the SEC in the coming few months. Data from CoinCodex indicates that the asset will likely trade between $0.696086 and $1.900281 by 2025. It will also result in a price average of $1.18845 per year. This could yield an investment return of up to 135.03% compared with the current rates.
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Source: watcher.guru
