Grayscale ADA ETF Approval Decision Expected This Week Amid Growing Optimism

The U.S. Securities and Exchange Commission (SEC) is expected to deliver a decision this week on Grayscale’s application to launch a spot Cardano (ADA) ETF, according to a recent post by @Cardanians_io on X. Grayscale initially submitted the application on February 11, aiming to list the ETF on the New York Stock Exchange. A screenshot from the SEC’s acknowledgment document confirms the decision deadline is May 29, sparking speculation that approval could be imminent.

Market sentiment surrounding the potential ADA ETF approval has grown more optimistic. Prediction platform Polymarket shows a significant increase in investor confidence, with the probability of approval rising to 71%, up from 55% just two weeks ago.

In parallel, Swedish asset management firm Virtune launched a Staked Cardano ETP (VIRADAE) on Nasdaq Helsinki earlier this year. This ETP is physically backed 1:1 by ADA and offers a 2% annual staking reward, underscoring growing institutional interest in Cardano-based investment products.

The potential approval of Grayscale’s ADA ETF could mark a major milestone for Cardano, further legitimizing it as a mainstream crypto asset. As the SEC deadline approaches, ADA investors and market watchers are closely monitoring developments that could significantly impact ADA’s price and institutional adoption. The outcome may also influence broader ETF strategies in the altcoin market, following the rising trend of crypto-backed financial products entering regulated markets.