Crypto investment firm Grayscale recently submitted an application to launch an Exchange Traded Fund (ETF) for Cardano (ADA) on the New York Stock Exchange.

Grayscale, which previously overcame barriers set by U.S. regulators to introduce a Bitcoin ETF, has not offered a standalone ADA investment option in the past, despite previous efforts to create one.

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The more lenient approach of the current SEC under the Trump administration has encouraged firms to pursue significant opportunities. Recently, Grayscale has also filed for ETFs related to Solana and XRP.

These products aim to convert existing crypto trust investments into ETFs that are easier for the public to trade, and the proposed ADA ETF represents a completely new venture.

Investor interest in ADA has remained strong, securing its place as one of the top cryptocurrency assets, currently valued at $25 billion. Following news of Grayscale’s application, the token increased by 1.5%, reaching a price of 71 cents.

Analysts believe that the moment for altcoin ETFs to gain acceptance from the federal regulators is approaching. However, many industry commentators have not anticipated a Cardano ETF, despite the asset’s popularity.

Grayscale did not return a request for comment.