Cardano（ADA）ETFS：启动日期，申请人以及为什么这很重要

本文解释了我们目前对Cardano ETF的了解，重点是美国市场。

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.

美国证券交易委员会（SEC）已确认美国的第一个Cardano（ADA）ETF申请，这标志着通过交易所交易贸易资金可以直接访问更广泛的投资者的加密货币迈出的重要一步。

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区块链以其智能合约功能和UTXO模型而闻名，与以太坊和大多数其他智能合同区块链使用的帐户模型形成鲜明对比。 Cardano还通过实施了对科学哲学的同行评审研究和其他方法，将自己与加密和区块链空间中的许多其他项目区分开来。

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年推出以来，Cardano区块链的本地资产ADA已显示出明显的持久力，因为它目前是第八大加密货币市值。

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.

作为一种高度流动性和公认的加密货币，ADA是在不久的将来通过ETF（交易所交易基金）交易的最可能的加密资产之一。鉴于SEC在特朗普政府的领导下，Cardano ETF的几率似乎尤其很高。

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，我们将解释我们目前对Cardano ETF的了解，重点关注美国市场。

Key highlights:

关键亮点：

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，美国只有一个活跃的Cardano ETF应用程序。 Crypto Asset Manager Grayscale于2025年2月10日为Grayscale Cardano Trust产品申请，SEC于240年2月24日确认了该文件。

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.

通过确认文件，SEC为自己提供了一个240天的窗口，以审查申请并决定批准或拒绝该申请。这意味着我们将在2025年10月底之前看到SEC关于灰度的Cardano ETF申请的决定。

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.

到目前为止，只有一位资产经理已经为Cardano ETF申请了这一事实，这可能表明资产经理预计对这种投资产品的需求较低。在上下文中，五个不同的资产经理已申请启动XRP ETF，而相同数量的资产管理人员也争夺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是一种财务工具，可在证券交易所进行交易，并代表投资者持有ADA加密货币。像股票一样，投资者可以买卖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.

从理论上讲，投资Cardano ETF的投资回报应与直接将ADA放在钱包或加密货币交易所中的那些直接持有ADA的回报。但是，由于ETF发行人收取的管理费，与直接拥有ADA相比，持有Cardano ETF的收益可能会略低。

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将为投资者提供一种简化的方式，即可以无需使用加密货币交换或使用Cardano Wallet管理私钥的情况下获得ADA的曝光率。此外，这种类型的投资工具将使机构投资者更容易将资本分配给ADA，从而增强其合法性作为资产，并有可能吸引更加谨慎的投资者。

Cardano ETPs are already available in Europe

Cardano ETP已在欧洲可用

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.

尽管加密投资者的大多数关注目前都集中在美国（鉴于其市场的庞大规模，这并不奇怪），但我们应该承认，欧洲投资者已经可以使用类似的投资产品来追踪ADA的价格。

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.

在欧洲市场，这些产品称为ETP（交易所交易产品）。从普通投资者的角度来看，它们与美国市场上的加密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.

投资者可以通过其股票经纪人购买Cardano ETP中的股票，以获取对ADA的接触，而不必担心导航加密货币交易所或管理其私钥，但必须支付管理费以换取便利。

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

以下是欧洲投资者目前可用的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确认了240年2月24日的第一个Cardano ETF申请。由于SEC有一个240天的窗口批准或拒绝申请，因此可能需要直到2025年10月才能正式批准或拒绝该申请。

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的资产经理。如果我们看到其他资产经理申请列出类似产品，则很可能会在批处理中批准（或拒绝），并同时使用多个Cardano ETF。 SEC批准了第一点比特币ETF和以太坊ETF时，就是这种情况。

The bottom line

底线

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.

虽然Cardano ETF肯定会对ADA总体而言是积极的，但投资者应该对他们的期望保持谨慎。即使我们在2025年看到Cardano ETF推出，对它的需求可能太低，无法对价格产生有意义的积极影响。

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.

贝莱德（BlackRock）和富达（Fidelity）等最大的资产经理尚未为任何Altcoin ETF提交，这表明他们预计对此类产品的需求较低。对于Cardano，只有一位资产管理器（灰度）列出了Cardano ETF，而Solana和XRP则每个有5个活动应用程序。

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

无论如何，Cardano ETF仍然将ADA合法化为加密资产并提供