Grayscale Files for First-Ever ADA ETF, Boosting Cardano Price

Cardano's ADA cryptocurrency surged by 11% to $0.80 on CoinDesk, surpassing Bitcoin and Ethereum in value.

The increase comes after Grayscale Investments filed for the first spot ADA exchange-traded fund (ETF) on the New York Stock Exchange.

Grayscale's application may pave the way for institutional investors to gain exposure to ADA without direct ownership, similar to how they can invest in Bitcoin and Ethereum through ETFs.

Despite ADA's current price of $0.80 being 36% below its December peak of approximately $1.37, analysts remain optimistic about Cardano's potential.