Cardano (CRYPTO: ADA) surged double digits on Monday evening after digital asset management giant Grayscale Investments applied for the U.S.’s first-ever spot Cardano exchange-traded fund.

What Happened: NYSE Arca, a New York Stock Exchange subsidiary, submitted a 19b-4 application on behalf of the asset manager, seeking approval to list shares of Grayscale Cardano Trust.

“While an investment in the shares is not a direct investment in ADA, the shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ADA,” the SEC filing read.

The trust’s custodian would be Coinbase, which has served as the principal custodian for several Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) ETFs.

In response, ADA shot up over 11% in the last 24 hours, outgaining market heavyweights like Bitcoin, Ethereum, and Dogecoin (CRYPTO: DOGE).

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Why It Matters: The latest filing is part of a broader trend of companies ramping up their efforts to gain approval for various cryptocurrency funds since President Donald Trump took office.

The SEC has acknowledged ETF applications for Litecoin, spurring optimism that the proof-of-work cryptocurrency might be the next to see an investment vehicle on Wall Street after Bitcoin and Ethereum.

Grayscale, the world’s leading digital asset manager, has been actively seeking approval to convert its existing trusts into ETFs, including those of Litecoin, Dogecoin, and XRP (CRYPTO: XRP).

Price Action: At the time of writing, ADA was exchanging hands at $0.7418, up 11.11% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has lost over 11% of its value.

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