Grayscale has submitted a filing to list a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange, marking its first standalone product for ADA. Previously, Grayscale had not provided a dedicated investment vehicle for Cardano despite high investor interest. The move comes amid a changing regulatory landscape where the SEC appears to be more receptive to cryptocurrency products. This filing for the ADA ETF adds to Grayscale's recent ventures, which include filing for new ETFs based on their existing crypto trust products. Market sentiment around ADA is positive, with the token's market cap reaching $25 billion as it saw a price increase of 1.5% following the announcement. Market analysts are increasingly optimistic that altcoin ETFs may soon gain approval from a less skeptical SEC, even though ADA had not been widely predicted to be among the first. Grayscale has yet to comment on this strategic development.

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