Key dealers
- Nyse Arca submitted a suggestion to list Grayscale Cardano ETF under Ticker Gada.
- ETF aims to offer investors exposure to ADA through traditional stock market channels.
NYSE ARCA on Monday left one 19B-4 forms With US SEC, a rule change for list and trade shares in Greyscale Cardano Trust suggests. The shares are expected to trade under the ticker symbol “Gada.”
The fund would enable investors to gain exposure to Cardano (ADA), the ninth largest crypto supply through market value. Sponsored by Grayscale Operation, LLC and Grayscale Investments sponsors, LLC, confidence would keep Ada directly, with each share representing proportional ownership of the underlying assets.
Share pricing would be based on ADA’s value measured by Coindesk Cardano Price Index (ADX). Confidence aims to provide a simplified investment path for those who find direct crypto care challenging, which means that investors can trade shares through traditional stock market channels.
The registration comes almost six years after the gray scale established Grayscale Cardano Trust in Delaware. It joins a new wave of Crypto ETF applications, including suggestions for XRP, Solana, Dogecoin and Litecoin products.
Interest in a Cardano ETF seems to be relatively muted compared to other digital assets. Grayscales proposed fund represents the first US site ETF for Cardano, after Tuttle Capital Management’s Previous archiving For ten, the Krypto -etfs used, which included an ADA fund.
Sec previously classified ADA as a security in its 2023 moods against Binance and Coinbase. Like SoL and XRP, existing legal obstacles can delay all attempts to list a place ADA ETF or similar investment product.
Bloomberg -analyst predicts that LITECOIN will lead In the upcoming approvals from Spot Crypto ETFs, with a special favorable supervisory prospects Compared to others like Solana, XRP and Dogecoin.
