X account @Cardanians_io, which often shares Cardano (ADA) updates and news related to this blockchain, has tweeted that this week SEC is bound to announce a decision on the ADA ETF filed for by Grayscale fund managing company.
On February 11 this year, Grayscale Investments submitted an application to the US Securities and Exchange Commission (SEC) for an approval to launch a spot ADA exchange-traded fund (ETF) and trade it on the New York Stock Exchange. Grayscale has also files for ETFs powered by Solana and XRP.
The screenshot from the SEC document acknowledging this filing says that the decision will be granted on May 29, which is three days away from now. Therefore, an approval may well take place this week.
As reported by U.Today earlier, a Swedish wealth managing company Virtune launched a Staked Cardano ETP (VIRADAE) on Nasdaq Helsinki in early February, before Grayscale filed for its spot ADA ETF with the SEC.
The Virtune product offered ADA 1:1 physical support, cold storage security via Coinbase and a 2% yearly staking reward.
Users on the prediction platform Polymarket seem to be rather optimistic about the odds of Grayscale’s ADA ETF approval.
Compared to May 15, when the bets reflected a 55% chance of that happening, by now, this figure has increased to 71% as more people are now confident about regulatory green light to happen this year. By May 15, the percentage value of investor confidence reflected on the platform had surged by 45%.
Last week, the first XRP futures ETF was launched by investment firm Volatility Shares on Nasdaq under the XRPI ticker. This even occurred on May 19, after the CME exchange released an XRP-based futures product too.
Prior to that, Tectrium rolled out the first XRP-powered product called Tectrium 2x Long Daily XRP ETF.
Ripple CEO Brad Garlinghouse, while taking part in the “Crypto in one minute” podcast last week, shared that crypto ETFs are “exciting”, since they are opening doors wide for financial institutions to access crypto exposure and overall, he said, ETFs are making the crypto space more institutionalized. He reminded the audience that Bitcoin ETF was the first ever asset to reach $1 billion and soon expects it to close in on gold ETFs.
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