In a significant move for cryptocurrency investors, Grayscale has submitted an application to the Securities and Exchange Commission (SEC) for a Cardano (ADA) exchange-traded fund on February 10, 2025. If approved, this would mark Grayscale’s first standalone ADA investment product, planned for listing on the New York Stock Exchange.

The crypto investment giant, which successfully broke through regulatory barriers for Bitcoin ETFs last year, is now expanding its offerings amid what appears to be a more crypto-friendly regulatory environment under the second Trump administration. This latest filing follows Grayscale’s recent applications for Solana and XRP ETFs.

Unlike its previous crypto trust conversions, the Cardano ETF represents an entirely new product for Grayscale rather than transforming an existing trust vehicle.

Cardano’s native token has consistently maintained strong investor interest, currently holding a market capitalization of approximately $25 billion. Following Grayscale’s announcement, ADA’s value increased by 1.5%, reaching 71 cents.

Industry analysts increasingly believe that alternative cryptocurrency ETFs may receive regulatory approval in the current climate, though few had anticipated a Cardano-specific product despite the token’s popularity as one of the largest cryptocurrencies by market capitalization.

Grayscale did not immediately respond when contacted for comment about this development.