The ADA increases 11% as Spot Cardano ETF of Grassscale becomes the 60th Crypto ETF filing this year, increasing expectations for SEC approval.
Grancale has taken another ambitious step by filing a 19B -4 form with SEC for a Spot Cardano (ADA) ETF in the Crypto ETF race, which mark the first attempt to bring ADA to the US Spot ETF market.
This step reflects the push of Grassscale to expand institutional access to digital assets beyond bitcoin (BTC) and Ethereum (Eth).
Bloomberg ETF analyst Eric Balchunas said that this is an about 60th Crypto ETF filing this year, highlighting the rapid speed, on which the asset manager is scratching to secure approval in a shifting regulatory era.
The 19B-4 filing is an important requirement to list a new ETF on an exchange, essentially a formal request for a rule change. Even if approved, a spot ETF also requires an effective S -1 registration details, before it can start trading.
Since the announcement, the ADA has increased by about 11% in 24 hours, reaching $ 0.74 as this writing on 11 February. Despite the rally, the token is 76% below its all -time high level of $ 3.10 recorded in September 2021.
Market reaction suggests that optimism increases around Altcoin ETF, especially analysts estimate more filing in the coming months.
Bloomberg ETF analysts James Safart and Balchunas estimated a Litcoin (LTC) ETF approval and 70% for Solana (SOL), already pending 19B-4 approval from both.
The final decisions on Litcoin and Solan ETF have been set for October 2 and 25, respectively.
Meanwhile, Safart and Balchunus marked a clearly marked an audience of Ripple (XRP) and Dogicine (DOGE) ETF at 70% and a clearly marking a tough stance on the crypto. Since his departure, the regulator feeling seems shifting.
