It was a day like any other, when the cosmic marvel that is the crypto market wobbled slightly on February 10, prompting Grayscale, the brave (and perhaps slightly bemused) asset managers, to scribe yet another legal scroll to the New York Stock Exchange declaring their daring intent to launch a Cardano exchange-traded fund, or ETF, which is just a fancy financial term that means “let’s see how much money we can wrangle with this digital wizardry.”
Much to the collective gasps of financial pundits, Grayscale had never thought to offer ADA—Cardano’s native token—on its own, akin to a chef who insists on serving only the blandest of potatoes while ignoring the multitudes of delightful condiments available. And now, they thought, “Why not take a stab at some regulated crypto investments?” One can only assume an intergalactic “what could possibly go wrong” echoed through their office.
Inspired (perhaps under the influence of a particularly riveting episode of interstellar financial adventures) by none other than President Donald Trump—who, like a confused cheerleader at a football game, is throwing his weight behind Bitcoin and altcoin ETFs—asset managers have seized the opportunity to file their own applications. Among these, the brave warriors from Canary Capital, WisdomTree, and others have emerged like characters in an epic tale of market mayhem.
Grayscale filed a 19b-4 for this shiny, new Cardano ETF, the first of its kind in the U.S., marking what can only be described as the 60th crypto ETF filed this year. Who knew? 🏦
— Eric Balchunas (@EricBalchunas) February 11, 2025
Behold! The Cardano ETF Cometh
On closer inspection, it appears Grayscale wants to transform its previous ventures involving SOL and XRP trusts into this newfound shine. But wait! The ADA fund gets to strut around all fancy-like, as it’s a fresh addition to their repertoire. Just last week, NYSE Arca appeared to play musical chairs by converting Grayscale’s XRP trust, followed a week later by its SOL trust. Who’s keeping track? Not even the hedgehogs!
According to the mystical tome known as the 19b-4 filing, this Trust is slated to hoard only ADA, because why complicate things, right? Each share will represent a delightful sliver of the pie. Coinbase Custody, tasked with guarding these precious assets, must feel like a digital dragon. Meanwhile, BNY Mellon Asset Servicing happily waddles along as the administrator, possibly singing songs of compliance while waiting for a pie to cool.
“Oh, the institutional interest in Cardano is bubbling over like an unmonitored pot of water!” exclaimed the ever-enthusiastic founder of IBC Group, Mario Nawfal, just moments after relaying the fact that Virtune AB had also decided to launch a Cardano ETP on the glamorous Nasdaq Helsinki. Truly a day to remember!
In the unfortunate but rather predictable manner of the universe, the Cardano token surged an exhilarating 14% as if it had suddenly discovered the joys of multicolored socks. However, over a fortnight, it still found itself rather perturbed, like a hedgehog in a windstorm, down 17%. Remember when it peaked at $1.16? Those were the days, my friends. 🌌
Despite the nostalgic melancholy of it all, analysts cling to their spreadsheets and remain cautiously optimistic. With a 140% rise over the past six months, they ponder the golden question: could a spot ETF save ADA from the perils of a bearish fate? One can only wonder—while sipping tea, of course.
The Spot Crypto ETF Chronicles
Now, while the Spot Bitcoin ETFs are having a month as mixed as a salad bar with questionable toppings, February witnessed a bizarre dance of $578 million flowing in, yet $561 million flowing out. Strange days indeed. One does wonder what cosmic forces are at play.
Monday was particularly generous with its outflow, leaving $186.4 million to drift off into the void. Fidelity’s FBTC was hit hardest, losing $136 million, while Grayscale’s own GBTC joined the chaotic parade, losing $46.3 million. Meanwhile, BlackRock’s IBIT managed to attract $55.3 million, but, alas, it wasn’t quite enough to turn the daily flow positive. Time for a pep talk, perhaps?
On a happier note, Spot Ethereum ETFs have been on a cheerier upward trajectory, only suffering one sad outflow day so far this month—February 10—when a mere $22.5 million exited. What a world!
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2025-02-11 09:48