Grayscale pursuing launch of spot Cardano ETF

Crypto asset manager Grayscale is pursuing the launch of a spot Cardano (ADA) ETF, Crowdfund Insider reported. The proposed fund would be a conversion of the firm's existing Cardano Trust, with 'GADA' as its likely ticker. This approach could streamline the approval process compared to launching an entirely new product. Market observers speculate that the ETF could launch as early as October of this year if regulatory procedures proceed smoothly.