Grayscale’s ADA ETF gains traction as analysts anticipate a new wave of altcoin-focused exchange-traded products.
Cardano (ADA) just got a major confidence boost in the ETF race. According to Bloomberg ETF analyst James Seyffart, the odds of approval for Grayscale’s proposed Cardano Spot ETF have been raised to 75%, making ADA one of the leading altcoin contenders for a potential “Altcoin ETF Summer.”
The revised probability was highlighted by Cardanians, a community-focused X account dedicated to Cardano updates. The update places Cardano among the top crypto assets likely to receive regulatory approval for ETF trading in the near future.
“Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products),” wrote Bloomberg analyst Eric Balchunas.
Grayscale’s ETF Filing & Institutional Signal
In February 2025, NYSE Arca filed a proposal with the SEC on behalf of Grayscale Investments to launch a Cardano Trust ETF. If approved, it would mark the first-ever exchange-traded fund for ADA, joining Grayscale’s suite of crypto ETFs, including:
- Grayscale Bitcoin Trust ETF (GBTC)
- Bitcoin Mini Trust ETF
- Ethereum Trust ETF
- Ethereum Mini Trust ETF
This move reflects the growing institutional interest in altcoins beyond Bitcoin and Ethereum as regulatory clarity improves.
ETF Outlook: SEC, Market, and Momentum
So far, only Bitcoin and Ethereum spot ETFs have been approved in the U.S., with the SEC greenlighting those funds in 2024. However, this new wave of ETF proposals and optimistic analyst commentary suggests altcoin-based ETFs may not be far behind.
Why Cardano?
Cardano has a robust ecosystem and is known for:
- Scalability improvements through Input Output Global’s node optimizations (e.g., LSM trees, anti-grinding upgrades).
- Community governance through decentralized on-chain voting.
- Low energy footprint, which could appeal to ESG-conscious institutional investors.
Kraken Adds Fuel to the Fire
In parallel to the ETF momentum, Kraken OTC has launched ADA options trading, adding another institutional-grade product to the Cardano ecosystem. This complements ongoing development efforts from Input Output (IO), which has proposed several performance upgrades for Cardano nodes aimed at:
- Reducing operational costs for SPOs.
- Improving scalability and consensus resilience.
What’s Next: Cardano in the ETF Spotlight
Should the Grayscale Cardano ETF be approved, Cardano could see a significant influx of institutional capital, similar to the effects seen with Bitcoin and Ethereum ETFs.
With Bloomberg putting ADA’s odds at 75%, and analysts forecasting an Altcoin ETF wave, Cardano’s moment on Wall Street could be rapidly approaching.