Cardano Gains Steam in Altcoin ETF Race

NYSE Arca has filed a regulatory form that is necessary to list shares of the Grayscale Cardano Trust under the “GADA” ticker. 

This is the first ETF of such kind filed in the U.S., according to top analyst Eric Balchunas. 

Issuers have already filed roughly 60 ETF proposals this year, testing the limits of the new SEC administration. 

A leveraged Cardano ETF 

As reported by U.Today, Tuttle Capital Management also filed for a 2X Cardano Leverage ETF last year. The product would double the performance of the ADA token. 

Tuttle Capital Management is known for its unorthodox proposals. 

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This is the same firm that applied to launch an alien tech ETF. It would invest in companies that could potentially have exposure to alien technology. The firm admits that making investments in such tech is “highly speculative,” and the product is unlikely to be launched. 

Uncertain approval odds 

As reported by U.Today, Bloomberg’s Eric Balchunas recently revealed the current approval odds for several altcoin ETFs. 

Litecoin currently has the highest odds of its ETF being approved (90%). An XRP ETF has substantially lower odds of 65%.

While there are no Bloomberg odds for Cardano, they are likely to be closer to 60% since ADA was named as a security in the SEC’s lawsuits against several exchanges.  

Other recent filings 

The Nasdaq exchange has also filed regulatory filings to list Litecoin and XRP products proposed by CoinShares. 

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Analyst Nate Geraci has predicted that more ETF proposals will keep coming in the near future.