Cardano（ADA）ETFS：啟動日期，申請人以及為什麼這很重要

本文解釋了我們目前對Cardano ETF的了解，重點是美國市場。

The U.S. Securities and Exchange Commission (SEC) has acknowledged the first application for a Cardano (ADA) ETF in the United States, marking a significant step toward making the cryptocurrency directly accessible to a broader range of investors through exchange-traded funds.

美國證券交易委員會（SEC）已確認美國的第一個Cardano（ADA）ETF申請，這標誌著通過交易所交易貿易資金可以直接訪問更廣泛的投資者的加密貨幣邁出的重要一步。

The Cardano blockchain, known for its smart contracts capabilities and UTXO model, stands in contrast to the account model used by Ethereum and most other smart contract blockchains. Cardano has also differentiated itself from many other projects in the crypto and blockchain space by implementing peer-reviewed research and other approaches modeled on scientific philosophy.

Cardano區塊鏈以其智能合約功能和UTXO模型而聞名，與以太坊和大多數其他智能合同區塊鏈使用的帳戶模型形成鮮明對比。 Cardano還通過實施了對科學哲學的同行評審研究和其他方法，將自己與加密和區塊鏈空間中的許多其他項目區分開來。

The Cardano blockchain’s native asset ADA has displayed significant staying power since its launch in 2017, as it’s currently the eighth-largest cryptocurrency market capitalization.

自2017年推出以來，Cardano區塊鏈的本地資產ADA已顯示出明顯的持久力，因為它目前是第八大加密貨幣市值。

As a highly liquid and well-established cryptocurrency, ADA is among the likeliest crypto assets to become tradable through ETFs (exchange-traded funds) in the near future. The odds for a Cardano ETF seem especially high at the moment given the crypto-friendly turn the SEC has taken under the Trump administration.

作為一種高度流動性和公認的加密貨幣，ADA是在不久的將來通過ETF（交易所交易基金）交易的最可能的加密資產之一。鑑於SEC在特朗普政府的領導下，Cardano ETF的機率似乎尤其很高。

In this article, we’ll explain everything we currently know about Cardano ETFs, with a focus on the United States market.

在本文中，我們將解釋我們目前對Cardano ETF的了解，重點關注美國市場。

Key highlights:

關鍵亮點：

Currently, there is only one active Cardano ETF application in the United States. Crypto asset manager Grayscale filed for the Grayscale Cardano Trust product on February 10, 2025, and the filing was acknowledged by the SEC on February 24, 240.

目前，美國祇有一個活躍的Cardano ETF應用程序。 Crypto Asset Manager Grayscale於2025年2月10日為Grayscale Cardano Trust產品申請，SEC於240年2月24日確認了該文件。

By acknowledging the filing, the SEC gave itself a 240-day window to review the application and decide to approve or reject it. This means that we will see a decision from the SEC regarding Grayscale’s Cardano ETF application before the end of October 2025.

通過確認文件，SEC為自己提供了一個240天的窗口，以審查申請並決定批准或拒絕該申請。這意味著我們將在2025年10月底之前看到SEC關於灰度的Cardano ETF申請的決定。

The fact that only one asset manager has filed for a Cardano ETF so far might be a sign that asset managers are anticipating low demand for such an investment product. For context, five different asset managers have filed to launch an XRP ETF, and the same number of asset managers also vying for a Solana ETF.

到目前為止，只有一位資產經理已經為Cardano ETF申請了這一事實，這可能表明資產經理預計對這種投資產品的需求較低。在上下文中，五個不同的資產經理已申請啟動XRP ETF，而相同數量的資產管理人員也爭奪Solana ETF。

A Cardano ETF is a financial instrument that trades on a stock exchange and holds ADA cryptocurrency on behalf of investors. Like stocks, investors can buy and sell shares of the ETF.

Cardano ETF是一種財務工具，可在證券交易所進行交易，並代表投資者持有ADA加密貨幣。像股票一樣，投資者可以買賣ETF的股票。

The returns from investing in a Cardano ETF should, in theory, closely align with those of directly holding ADA in a wallet or on a cryptocurrency exchange. However, since ETF issuers charge management fees, holding a Cardano ETF would likely lead slightly lower returns compared to owning ADA outright.

從理論上講，投資Cardano ETF的投資回報應與直接將ADA放在錢包或加密貨幣交易所中的那些直接持有ADA的回報。但是，由於ETF發行人收取的管理費，與直接擁有ADA相比，持有Cardano ETF的收益可能會略低。

A Cardano ETF would provide a simplified way for investors to gain exposure to ADA without the need to use cryptocurrency exchanges or manage private keys with a Cardano wallet. Additionally, this type of investment vehicle would make it easier for institutional investors to allocate capital to ADA, reinforcing its legitimacy as an asset and potentially attracting more cautious investors.

Cardano ETF將為投資者提供一種簡化的方式，即可以無需使用加密貨幣交換或使用Cardano Wallet管理私鑰的情況下獲得ADA的曝光率。此外，這種類型的投資工具將使機構投資者更容易將資本分配給ADA，從而增強其合法性作為資產，並有可能吸引更加謹慎的投資者。

Cardano ETPs are already available in Europe

Cardano ETP已在歐洲可用

Although most of the attention from crypto investors is currently focused on the United States (which isn’t too surprising given the sheer size of its market), we should acknowledge that similar investment products tracking the price of ADA are already available to investors in Europe.

儘管加密投資者的大多數關注目前都集中在美國（鑑於其市場的龐大規模，這並不奇怪），但我們應該承認，歐洲投資者已經可以使用類似的投資產品來追踪ADA的價格。

In the European market, these products are called ETPs (exchange-traded products). From the perspective of the average investor, they are very similar to the crypto ETFs in the United States market.

在歐洲市場，這些產品稱為ETP（交易所交易產品）。從普通投資者的角度來看，它們與美國市場上的加密ETF非常相似。

Investors can buy shares in a Cardano ETP through their stockbroker to gain exposure to ADA without having to worry about navigating crypto exchanges or managing their private keys, but have to pay a management fee in exchange for the convenience.

投資者可以通過其股票經紀人購買Cardano ETP中的股票，以獲取對ADA的接觸，而不必擔心導航加密貨幣交易所或管理其私鑰，但必須支付管理費以換取便利。

Here are the Cardano ETPs that are currently available to European investors:

以下是歐洲投資者目前可用的Cardano ETP：

The SEC acknowledged the first Cardano ETF application on February 24, 240. Since the SEC has a 240-day window to approve or reject applications, it could take until October 2025 before the SEC officially approves or rejects the application.

SEC確認了240年2月24日的第一個Cardano ETF申請。由於SEC有一個240天的窗口批准或拒絕申請，因此可能需要直到2025年10月才能正式批准或拒絕該申請。

Currently, Grayscale is the only asset manager that is pursuing a Cardano ETF. If we see other asset managers applying to list similar products, it’s likely that they will be approved (or rejected) in a batch, with multiple Cardano ETFs becoming available at the same time. This was the case when the SEC approved the first spot Bitcoin ETFs and Ethereum ETFs.

目前，Grayscale是唯一追求Cardano ETF的資產經理。如果我們看到其他資產經理申請列出類似產品，則很可能會在批處理中批准（或拒絕），並同時使用多個Cardano ETF。 SEC批准了第一點比特幣ETF和以太坊ETF時，就是這種情況。

The bottom line

底線

While a Cardano ETF would certainly be positive for ADA overall, investors should be cautious with their expectations. Even if we see a Cardano ETF launch in 2025, demand for it might be too low to make a meaningful positive impact on the price.

雖然Cardano ETF肯定會對ADA總體而言是積極的，但投資者應該對他們的期望保持謹慎。即使我們在2025年看到Cardano ETF推出，對它的需求可能太低，無法對價格產生有意義的積極影響。

The largest asset managers like BlackRock and Fidelity are yet to file for any altcoin ETFs, suggesting that they foresee low demand for such products. In the case of Cardano, only one asset manager (Grayscale) has filed to list a Cardano ETF, while Solana and XRP have 5 active applications each.

貝萊德（BlackRock）和富達（Fidelity）等最大的資產經理尚未為任何Altcoin ETF提交，這表明他們預計對此類產品的需求較低。對於Cardano，只有一位資產管理器（灰度）列出了Cardano ETF，而Solana和XRP則每個有5個活動應用程序。

Regardless, a Cardano ETF would still legitimize ADA as a crypto asset and provide

無論如何，Cardano ETF仍然將ADA合法化為加密資產並提供