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Application for the Popular Altcoin ETF by Grayscale Submitted to the SEC: Price Surged 15%!
Grayscale has initiated the SEC approval process by applying for the first spot exchange-traded fund (ETF) for Cardano (ADA) via NYSE Arca.
Grayscale has filed a 19b-4 form with the U.S. Securities and Exchange Commission through NYSE Arca to create an ADA ETF under the name Grayscale Cardano Trust.
The 19b-4 form is part of the second stage applications made by exchanges on behalf of issuers and must be approved by the SEC. The process will officially begin if this application is accepted. It is known that ETF applications have also been made for altcoins such as Dogecoin, XRP, Litecoin, and Solana recently. It is commented that the SEC may adopt a warmer approach to crypto with the new management.
According to CoinGecko data, Grayscale's application received great interest among investors and had a positive impact on ADA's price. Following the news, the ADA price rose from $0.698 to $0.813, gaining more than 15% in value.