Grayscale’s Cardano ETF Sees 75% Approval Odds Amid Growing Altcoin ETF Momentum

Grayscale’s proposed Cardano (ADA) ETF now has a 75% chance of approval, according to updated estimates by Bloomberg ETF analyst James Seyffart. Shared by Cardano-focused X account Cardanians, the revised outlook positions ADA as a top contender among the next wave of U.S. crypto ETF approvals.

The Cardano ETF application, filed in February by NYSE Arca on behalf of Grayscale, would be the first exchange-traded product for the ADA cryptocurrency. Grayscale already operates several crypto ETFs, including the Grayscale Bitcoin Trust, Bitcoin Mini Trust, Ethereum Trust, and Ethereum Mini Trust.

So far, only spot Bitcoin and Ethereum ETFs have been approved in the U.S., making a potential Cardano ETF a major milestone. Bloomberg’s Eric Balchunas added fuel to investor expectations, calling for a possible “Altcoin ETF Summer,” with Solana and ADA leading the charge, alongside potential multi-asset ETF products.

Beyond ETFs, ADA adoption is expanding. Kraken’s OTC desk recently introduced ADA options trading, signaling increasing institutional interest. Meanwhile, Input Output Global (IOG), Cardano’s core developer, has proposed significant upgrades to improve node performance and scalability. Planned improvements include log-structured merge (LSM) trees, tiered transaction fees, and anti-grinding measures to enhance the Ouroboros consensus protocol’s resilience.

These developments come as Cardano gains traction on Wall Street. In June, ADA was added to a Nasdaq index, a move that drew strong reactions from the Cardano community. With ETF momentum building and ongoing infrastructure improvements, ADA’s position in the crypto market appears to be strengthening.

Investors and analysts alike are closely watching the SEC’s next steps. A green light for the Cardano ETF could mark a turning point in expanding institutional access to altcoins.