SEC Acknowledges Grayscale’s Cardano ETF Filings: Details

The U.S. Securities and Exchange Commission (SEC) recently acknowledged Grayscale’s application for a spot Cardano (ADA) exchange-traded fund (ETF). According to the announcement, this is an important step for cryptocurrency investment. Grayscale, a leading digital asset management firm, filed its request with the New York Stock Exchange on February 10, 2025. 

Grayscale Cardano ETF Approval to Come Soon

The SEC’s acknowledgment starts the review process, which can take up to 240 days. Meanwhile, Grayscale’s application approval has made people more optimistic about the Cardano ETF’s approval. According to PolyMarket, the chances of approval by the end of 2025 have increased from 52% on February 24 to 66%. This growing confidence shows that the ETF could reach the market sooner than expected.

Additionally, Grayscale is not stopping with Cardano. The asset manager has also filed to convert its XRP Trust into an ETF, with the approval odds for this product reaching a 74% chance by the end of 2025. Grayscale’s push to create more cryptocurrency ETFs is attracting attention from investors and regulators. This shows that traditional financial markets are starting to accept digital assets more widely.

However, despite the promising developments surrounding the ADA ETF, Cardano’s native token, ADA, is struggling in the market. It is trading at $0.6562, an 11% decrease in the past 24 hours. This price decline shows the ups and downs of the cryptocurrency market, even though there is good news, like the SEC’s acknowledgment of Grayscale’s application.

SEC Acknowledges Grayscale’s XRP and Dogecoin ETF Filings

Earlier this month, the SEC officially acknowledged Grayscale’s filings to list spot ETF funds for XRP and Dogecoin (DOGE). The SEC’s acknowledgment of Grayscale’s Form 19b-4 filings initiates the regulatory process, giving the agency 240 days to evaluate and rule on the applications.

While acknowledging these filings is a positive step, the path to approval remains uncertain. Bloomberg ETF analysts James Seyffart and Eric Balchunas have given XRP’s ETF bid a 65% chance of approval before the end of 2025, while Digecoin’s ETF prospects are slightly higher at 75%. The analysts also placed 90% odds on Litecoin (LTC) receiving SEC approval within the year.

Rising Wave of Crypto ETF Filings

The cryptocurrency industry has witnessed a surge in ETF applications since Donald Trump was elected U.S. President. On February 6, Cboe BZX Exchange filed 19b-4 proposals on behalf of four asset managers— Canary Capital, WisdonTree, Bitwise, and 21Shares, to list the first spot XRP ETFs in the U.S.

Furthermore, Canary Capital, VanEck, and other major asset managers are in contention to launch spot Solana ETFs following Cboe BZX Exchange’s refiled applications on January 28. As regulatory dynamics shift, the market eagerly awaits the SEC’s decisions on these applications. 

Approval of the latest Cardano ETF proposal could mark a milestone for ADA-based investment products and pave the way for further growth in the U.S. crypto investment landscape.