Grayscale Files S-1 for Cardano ETF, SEC Decision Now in Focus

Grayscale Investments has submitted an S-1 registration statement to the U.S. SEC to launch a Cardano (ADA) ETF.

The asset manager is known for its pioneering role in crypto trusts and ETFs such as the Grayscale Bitcoin Trust.

Therefore, Grayscale seems prepared and is likely counting on the US Securities and Exchange Commission (SEC) for an ADA ETF approval.

Grayscale Turns Attention to Cardano ETF

Cardanians, a Cardano-focused X community account, announced the latest development in a recent X post.

This S-1 document proposes the listing and trading of the ETF shares on NYSE Arca under the ticker symbol GADA.

Additionally, Coinbase Custody Trust Company would serve as the custodian, storing ADA in secure, offline cold storage.

Also, the ETF would track the price of ADA using the CoinDesk Cardano Price Index (ADX).

Furthermore, shares would be issued in blocks of 10,000 and may enable ADA staking for rewards in the future.

Earlier this year, the SEC acknowledged NYSE Arca’s 19b-4 form for Grayscale’s spot Cardano ETF. Thus, with the S-1 and 19b-4 filings in, Cardanians noted that Grayscale seems prepared and likely counting on SEC approval.

The SEC is expected to give its decision on the Cardano ETF in late October 2025. There are already hints that October 26 is the likely date for the regulator to either approve or deny the Grayscale Cardano ETF.

Polymarket estimates the approval odds for the Cardano ETF at 87%, while Bloomberg analysts predicted 75%.

The S-1 document from Grayscale follows approvals for Bitcoin and Ethereum ETFs, and amid filings for other altcoins.

ETF Approval Implication for ADA Price

An eventual approval of the ETF will make ADA a vehicle preferred by professional investors and advisors.

It would mark the first standalone spot ETF for Cardano in the U.S. market, providing investors with regulated exposure to ADA.

At press time, ADA prce was traded at around $0.828, with a market cap of approximately $29.6 billion. This value ranks ADA as the 10th largest cryptocurrency.

The ADA price surged minimally by 0.8% over the past 24 hours as investors expressed excitement about the Grayscale ETF filing.

ADA is trading within a corrective channel after failing to maintain momentum above $0.87. A breakout from the $0.82 channel could ignite a push toward the $0.95 target line.

Historically, ETF approvals often lead to price surges. ADA price rallied substantially on initial filing news in February.

Analysts predict potential rallies towards the $1 mark if the ETF is approved. On the technical front, ADA may see upside in the range of $3.10 to $4.14, supported by Fibonacci extensions.

Cardano Governance and Onchain Activity Performance

Recent Cardano performance governance and onchain activity have also added to the optimistic sentiments on ADA price.

For instance, EMURGO disclosed that Cardano has entered into a new era of onchain government. This follows the approval of 37 out of 39 treasury withdrawals, allocating ₳264 million for ecosystem funding.

As a result, Cardano governance can now fund ecosystem growth at scale, openly and democratically.

As regards onchain activity, ADA futures volume recently reached a new high in five months, with $6.96 billion. This spike in trading activity indicated an increased interest in Cardano.

An upward move in the futures volume usually indicates that a trend will reverse, and is a sign of higher confidence. Thus, the increase in ADA futures trading suggests a possible price breakout ahead.

At the moment, market activity for ADA appears subdued. Over the past 24 hours, ADA trading volume has declined by 14.35% to $1.26 billion.