Cardano Outperforms Bitcoin, Ethereum With 11% Gains After Grayscale Applies For First Ever ADA Spot ETF In US

Cardano (CRYPTO: ADA) surged double digits on Monday evening after digital asset management giant Grayscale Investments applied for the U.S.’s first-ever spot Cardano exchange-traded fund.

What Happened: NYSE Arca, a New York Stock Exchange subsidiary, submitted a 19b-4 application on behalf of the asset manager, seeking approval to list shares of Grayscale Cardano Trust.

“While an investment in the shares is not a direct investment in ADA, the shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ADA,” the SEC filing read.

The trust’s custodian would be Coinbase, …

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