US SEC accepts Grayscale’s application for a spot ADA ETF

The company already manages bitcoin and Ethereum-based exchange-traded funds

25.02.2025 - 15:35

2 min

What’s new? The US Securities and Exchange Commission (SEC) has accepted for review an application for a spot exchange-traded fund (ETF) based on the native token of the Cardano (ADA) blockchain from investment firm Grayscale. If approved, the product will trade on the NYSE like Grayscale’s other crypto ETFs: based on bitcoin (tickers GBTC and BTC) and Ethereum (ETHE and ETH).

SEC report

What else is known? After Donald Trump’s inauguration, the SEC changed leadership, with crypto lawyer Mark Uyeda appointed as acting chairman, to be replaced by Paul Atkins, also a supporter of cryptocurrencies, in June 2026.

The SEC has since formed a cryptocurrency working group to begin creating new rules for the industry. While these rules will focus primarily on investor protection, they are also intended to encourage the crypto industry.

Litecoin transaction volume surged amid excitement over the US ETF listing

The price of LTC has doubled since early November, outperforming the broader cryptocurrency market

Earlier this month, the SEC already approved applications for spot ETFs based on the native token of the Solana (SOL) blockchain from investment firms Canary, VanEck, Bitwise, and 21Shares. While these products have yet to go public on exchanges, a further ruling on the companies’ applications will be handed down in less than a month.

Also, last week, the commission accepted for review Bitwise’s application for an exchange-traded fund based on Ripple’s XRP token, also a major step toward integrating regulated investment cryptocurrencies into traditional financial markets.

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