Cardano ADA/USD 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

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

The application was filed with the U.S. Securities and Exchange Commission on Monday by NYSE Arca, a New York Stock Exchange subsidiary, on behalf of the asset manager.

The application seeks approval to list shares of the Grayscale Cardano Trust on the exchange. According to the filing, “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.”

Coinbase would serve as the trust's custodian. The company has already served as the principal custodian for several Bitcoin (BTC) and Ethereum (ETH) ETFs.

ADA price rose over 11% during the last 24 hours, easily outgaining market heavyweights like Bitcoin, Ethereum, and Dogecoin (DOGE).

The latest filing comes as several companies have ramped up their efforts to gain approval for various cryptocurrency funds since President Donald Trump took office.

The SEC has already acknowledged ETF applications for Litecoin (LTC), sparking 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 also been actively seeking approval to convert its existing trusts into ETFs, including those of Litecoin, Dogecoin, and XRP (XRP).

At the time of writing, ADA was trading at $0.7418, up 11.11% in the last 24 hours, according to data from Benzinga Pro. The coin has lost over 11% year-to-date.

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