ADA surges 9.3% as Grayscale files for the first Spot Cardano ETF in the U.S.

ADA surges 9.3% as Grayscale files for the first Spot Cardano ETF in the U.S.

Grayscale has submitted an application through NYSE Arca under the Securities Act of 1934 to launch the first Spot Cardano (ADA) ETF in the United States.

This ETF is not a conversion of an existing fund but a direct launch. Investors who buy shares in the ETF will gain regulated exposure to ADA without holding the token directly. The shares will be listed under the ticker symbol GADA.

The SEC has officially acknowledged the filing, leading to speculation that this could set a positive precedent for other Altcoin ETFs, including XRP, Solana (SOL), and Dogecoin (DOGE).

Following the news, ADA’s price surged 9.3% in 24 hours, outperforming Bitcoin (BTC), Ethereum (ETH), and XRP, despite its previous downtrend.