While the firm has previously explored ADA-related investments, it has never introduced a dedicated ADA offering until now.

The filing aligns with growing momentum for crypto ETFs, as the SEC under the Trump 2.0 administration adopts a more crypto-friendly stance.

This has encouraged issuers to propose new ETFs, including Grayscale’s recent filings for Solana (SOL) and XRP ETFs.

However, unlike those filings, which aim to convert existing trust products into ETFs, the Cardano ETF would be an entirely new product.

Investor demand for ADA remains strong, with the token ranking among the largest cryptocurrencies, holding a $25 billion market cap.

Following the news, ADA’s price rose 1.5% to $0.71. Analysts anticipate the SEC may approve altcoin ETFs soon, potentially boosting institutional adoption.