Cardano (ADA) has emerged as a consistent component across major crypto index exchange-traded products, according to Bloomberg ETF analyst James Seyffart, who flagged the asset as an unexpected common denominator in institutional crypto exposure.
In a recent post on X, Seyffart said Cardano appeared in every crypto index ETF he reviewed, making it the only digital asset with universal inclusion across the six products in his dataset. The observation comes as issuers increasingly expand beyond single-asset crypto ETFs toward diversified index-based offerings.
Since January 2024, the crypto ETF market has expanded rapidly, with issuers launching both spot single-asset products and multi-asset index funds. While Bitcoin and Ethereum ETFs have captured most inflows so far, Seyffart said crypto index ETFs are likely to attract more capital over time as institutions seek broader exposure.
He described index products as a category that will develop “in many shapes and sizes,” pointing to the 21Shares FTSE Crypto 10 Ex-Bitcoin ETF (TXBC) as an example of how future institutional allocations may evolve by reducing reliance on Bitcoin dominance.
Cardano Included Across All Reviewed Crypto Index Products
Seyffart said Cardano stood out during his review because it was included in all six crypto index exchange-traded products he analyzed. None of the other digital assets showed the same level of consistency across index constructions.
The six products that include ADA are:
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CoinShares Altcoins ETF (DIME)
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Bitwise 10 Crypto Index Fund (BITW)
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Grayscale Digital Large Cap Fund (GDLC)
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Hashdex Nasdaq Crypto Index ETF (NCIQ)
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21Shares FTSE Crypto 10 ETF (TTOP)
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21Shares FTSE Crypto 10 Ex-Bitcoin ETF (TXBC)
Cardano’s allocation varies by fund strategy. In large-cap weighted products such as GDLC, BITW, and TTOP, ADA holds a 0.6% weight. Its allocation rises to 0.8% in Hashdex’s NCIQ and 10% in CoinShares’ altcoin-focused DIME. In TXBC, which excludes Bitcoin to diversify exposure, Cardano accounts for 2% of the portfolio.
Among the index products cited, BITW remains the largest, managing $1.08 billion in assets. GDLC follows with $536.5 million, while NCIQ manages $123.8 million. The remaining products are significantly smaller, with DIME holding $1.8 million, TTOP roughly $900,000, and TXBC about $800,000.
No Standalone Spot ETF Yet
Despite Cardano’s repeated inclusion in index ETFs, the asset still lacks a standalone spot ETF in the U.S.
Bloomberg ETF analyst Eric Balchunas said in October that three Cardano ETF applications remain under review by the U.S. Securities and Exchange Commission. Grayscale is among the issuers seeking approval. The SEC acknowledged Grayscale’s Cardano-related 19b-4 filing in February, which initially lifted approval expectations earlier this year.
Those expectations have since declined. Current estimates now place the probability of approval at around 3%, indicating that a dedicated ADA spot ETF is unlikely in the near term.