Cardano’s (ADA) price surged from $0.77 on August 12 and crossed above the $1 level, after Grayscale Investment filed for Cardano Trust ETF in Delaware. The asset manager filed for the ETF through CSC Delaware Trust Company. As such, the new Grayscale Cardano Trust ETF shows alongside a similar Hedera Trust ETF filing on Delaware’s public registry portal.
Trust fund? A trust fund is a legal arrangement where a trustee holds assets (like money, stocks, property, or other investments) on behalf of a beneficiary, based on the condition set by the trust creator.
ADA ETF approval odds climb to 80%
With the ADA ETF filing, the odds of the ETF being approved in 2025 by the Securities and Exchange Commission (SEC) shot up to 80%, showing the confidence of the community in the project.
ADA hits $1 with just the ETF approval hype
When ADA was hovering just below $1 a couple of days ago, a market analyst who goes by the pseudonym stated that if the ADA ETF is approved, Cardano would surge past $1. However, it didn’t take an ETF approval for the prices to hit $1. All it took was a 5% increment on the polymarket predictor, which indicates the odds of approval. With the indicator hitting 80% from 75%, ADA crossed above $1.
What’s next for ADA?
At press time, ADA is trading at $1.00 after gaining more than 35% during the last week. It has a trading volume of $4.12 billion, up by more than 85% in the last 24 hours. On the daily chart, ADA has just broken out of the bull flag, and if the bulls keep pushing the prices higher, ADA has the potential to reach $1.8. This price level is based on repositioning the flagpole at the point of breakout, as how a conventional bull flag breakout.
