Financial firm Volatility Shares has updated its filing with the U.S. Securities and Exchange Commission (SEC) to advance plans for three Cardano (ADA) exchange-traded funds (ETFs). The proposed lineup includes a spot Cardano ETF, a 2x Leveraged Cardano ETF, and a 3x Leveraged Cardano ETF, all targeting a listing on the NYSE Arca exchange.
Volatility Shares, which manages over $7 billion in assets under management, submitted the Form N-1A amendments, signaling a test of market demand and regulatory conditions. The spot ETF would directly track ADA's market price, while the leveraged products aim to deliver two and three times the daily price movement of the underlying asset, respectively, catering to different investor risk appetites.
The filing, highlighted by Cardano ambassador Lucas Macchiavelli, awaits regulatory approval from the SEC. This development adds to the growing institutional interest in Cardano, following Grayscale's earlier 19b-4 application for a Cardano Trust, which remains under review.
Market reaction has been measured, with ADA price showing controlled accumulation rather than a sharp spike. At the time of reporting, Cardano was trading around $0.2990, up approximately 4% on the day, as it tests a key demand zone. Analysts suggest a sustained hold above this level could pave the way for a recovery toward the 50-day EMA near $0.43.
