On Feb. 10, crypto asset manager Grayscale officially filed for a Cardano exchange-traded fund with the New York Stock Exchange, expanding its push into regulated crypto investments.

The firm has never previously offered a standalone investment vehicle for ADA despite making past moves to do so.

Asset managers have been emboldened by President Donald Trump’s embrace of crypto with ETF applications for altcoins, including XRP, Solana, and Litecoin, in recent weeks from the likes of Canary Capital, WisdomTree, 21Shares, Bitwise, and VanEck.

Grayscale filed 19b-4 for a spot Cardano ETF. First one in US and ballpark 60th crypto ETF filed this year so far pic.twitter.com/alj7EjtfIS

Cardano ETF Inbound

Grayscale has filed to convert its existing SOL and XRP trusts into a spot ETF but the ADA fund would be a new product. On Jan. 30, NYSE Arca filed to convert Grayscale’s XRP trust into a spot ETF, and on Feb. 6, it did the same for its SOL trust.

According to the 19b-4 filing, the Trust will hold only ADA, with each share representing a proportional interest in the fund’s holdings. Coinbase Custody would be the custodian of the assets, and BNY Mellon Asset Servicing would serve as administrator.

“Institutional interest in Cardano is heating up,” commented IBC Group founder Mario Nawfal who added that the move comes just a week after Virtune AB launched a Cardano ETP on Nasdaq Helsinki.

The Cardano native token has surged 14% on the day, with most of the gains coming in the past couple of hours after the news broke.

ADA hit an intraday high of $0.8 but still remains down 17% over the past fortnight as altcoins have been battered recently. ADA hit a 2025 high of $1.16 on Jan. 18 but has been down-trending since.

Nevertheless, analysts remain hopeful that ADA will continue its bullish momentum, which has seen the asset gain 140% over the past six months, especially if a spot ETF is approved in the US by the SEC.

Spot Crypto ETF Outlook

Spot Bitcoin ETFs in the United States have had a mixed month in February, which has seen $578 million in inflows and $561 million in outflows, according to Farside Investors.

Monday was another outflow day, with $186.4 million leaving the funds on aggregate. Fidelity’s FBTC saw the largest outflow with $136 million, followed by Grayscale’s GBTC, losing $46.3 million. BlackRock’s IBIT saw $55.3 million in inflows, but it wasn’t enough to turn the daily flow positive.

Spot Ethereum ETFs have been positive, with just one outflow day so far in February, which was Monday. Feb. 10, when $22.5 million left the products.