The outcome of the SEC’s decision regarding the Grayscale Cardano ETF application could significantly impact ADA holders. A potential approval on May 29th is being discussed by experts, with several factors driving this anticipation.
Grayscale filed for a spot Cardano ETF (ADA) in February, and the US Securities and Exchange Commission (SEC) has until October 22nd to make its decision. This deadline brings about significant implications for ADA holders and the broader crypto market.
Grayscale’s application could unlock greater accessibility to Cardano through investment vehicles such as spot ETFs. This move would allow investors to gain exposure to the cryptocurrency simply by purchasing regular stock-like instruments. The potential approval of a spot ETF for Cardano is expected to drive interest and boost its price.
While initial odds stood at 37% before mid-April, recent optimism has pushed those chances up to 70%. Bloomberg’s Eric Balchunas even suggests that many other crypto ETFs could receive the green light this year.
The anticipation is not limited to Cardano alone. XRP, SOL, and DOGE also stand on a similar path with multiple spot ETF filings awaiting SEC approval.
To understand the broader context of this potential boom, it’s important to look at how other projects are shaping the landscape:
* **XRP:** Grayscale has filed for an XRP spot ETF. Polymarket suggests a strong 84% chance of approval by July 31st.
* **Solana:** VanEck, 21Shares, Canary Capital, and Bitwise are all aiming to bring a Solana spot ETF to the US market. The odds of this project being approved stand at 83%.
* **Dogecoin (DOGE):** Companies like Bitwise, REX Shares, and 21Shares are pushing for a Dogecoin spot ETF in the world’s largest economy.
The SEC is expected to make its final decision by the end of May. This potential approval could signal a significant shift in the cryptocurrency landscape and impact Cardano prices significantly.