Grayscale, through Nyse Arca, submitted a file under the Securities and Exchange Acts of 1934 to introduce a fund (ETF) of Spot Cardano Exchange (ETF).
This classification comes out of the previous ones, representing a launch of direct FNB rather than a conversion. Grayscale has not yet offered an autonomous investment product for ADA, marking a new chapter in its investment offers.
Gray levels files for Cardano ETF
The exchange submitted the 19B-4 file to the SEC on February 10. The proposed ETF aims to offer investors a regulated exposure to Cardano. In addition, if it is approved, the actions will be incurred under the symbol of Ticker “Gada”.
“Although an investment in stocks is not a direct investment in ADA, the shares are designed to provide investors with a profitable and practical way to expose themselves to investments at ADA,” said the file.
Graycale’s proposed fund would mark the beginnings of an American ETF for Cardano. This file comes after Tuttle Capital Management submitted a request for ten leverage crypto with an ADA fund.
“The first in the United States and the 60th ETF of Crypto has filed this year this year,” said a publication on Bloomberg senior analyst Eric Balchunas, published on X (formerly Twitter).
In addition to cardano, Graycale has also deposited to convert other existing trust into ETF Spot, including those of Solana (soil), XRP (XRP) and Dogecoin (DOGE). Nevertheless, demand is faced with regulatory challenges.
The SEC had previously classified Cardano as security in its prosecution against Binance and Coinbase, alongside XRP and Solana. These legal obstacles could delay approval, as seen with other ETFs based on Altcoin.
That said, recent developments suggest a potential change in the regulatory position. Last week, the SEC officially recognized the 19B-4 deposit for the FNB of Solana in gray levels. This decision led analysts to speculate that he could define a positive precedent for other ETF Altcoin, including those of XRP and ADA.
The deposit comes after Bloomberg James Seyffart and Balchunas analysts described the chances of ALTCOIN ETF approvals. According to their analysis, Litecoin (LTC) is 90% chance of obtaining an ETF approval. In addition, DOGE is 75%, soil is 70%and XRP is 65%. However, the way things are done for Ada remains to be seen.
Meanwhile, after the announcement of the news, Ada jumped 9.3% on the 24 hour table. In daily earnings, he even outperformed Bitcoin (BTC), Ethereum (ETH) and XRP.
In particular, this increase followed a period of losses. During last week, he dropped by 4.7%. In addition, the last month was also a drop in Altcoin because it dropped by 26.3%. At the time of writing the editorial staff, Ada was negotiating $ 0.75.
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