Grayscale’s Cardano spot ETF (GADA) finally has some progress. It had been stuck due to a government shutdown and regulatory uncertainty; since it registered as a Delaware statutory trust last summer, there has been no news, and the SEC kept delaying it again and again. However, I recently heard that approval should have already been granted or will be granted in the next few days—after all, it’s already 2026.

Honestly, if this GADA ETF really does get approved, it would still mean something for the Cardano ecosystem. At least it shows that institutional-level funds now have a more formal way to enter the market, without having to go through those complicated channels. I don’t know whether it will spark a rally like the BTC and ETH ETFs did, but at least it’s a good sign.