Cardano Secures 3rd Spot in Grayscale Rankings Ahead of August ADA ETF Decision

Cardano has secured a significant position in Grayscale’s latest crypto rankings, overtaking several rivals. This comes with growing speculations that the U.S. SEC will deliver its verdict on a proposed ADA ETF this month.

Cardano Takes 3rd Place in Grayscale’s Weekly Performance Rankngs

Grayscale placed Cardano in third position in its latest “Top 10 Crypto Assets by Weekly Returns” snapshot. This came after it recorded a 6.3% gain between July 31 and August 7, 2025. This marks a sharp turnaround from the previous week, when ADA was ranked ninth after an 8.1% drop.

Despite the weekly boost, ADA’s year-to-date gains have slowed to 6.8%, bringing its market capitalization to $28.7 billion. Cardano’s price dropped 3.48% over the past day, less than the 1.78% drop in the overall cryptocurrency market.

The momentum coincided with the successful launch of Midnight. This is a privacy-focused protocol on the Cardano network that has garnered a lot of community attention.

In the same ranking, XRP topped the list with a 9.7% weekly gain, followed by Stellar in second place. Dogecoin, Ethereum, Tron, and Solana filled the fourth to seventh spots with gains between 4.2% and 6.1%. Bitcoin’s performance was more subdued, ranking eighth with just a 1.5% weekly increase. BNB and Hyperliquid rounded out the top 10. 

ADA ETF Update Expected by End of August

Speculations have risen in the community on the expected approval of the ADA ETF. Analysts are projecting that the U.S. SEC will likely respond to Grayscale’s Cardano ADA ETF application before the end of August. Recent regulatory clarifications suggesting that certain staking activities are not securities have improved optimism for approval.

Polymarket data currently gives the ADA ETF a 75% chance of receiving the green light. However, the SEC could still delay its final verdict until October 23. The application was initially filed earlier this year, and reports indicate the SEC has formally acknowledged its review.

Last month, the SEC approved Grayscale’s plan to convert its Bitcoin, Ethereum, XRP, and ADA large-cap fund into ETFs. The GDLC Fund is heavily weighted toward Bitcoin (over 80%), with Ethereum making up 11%. Smaller allocations include Solana (2.8%), XRP (4.8%), and Cardano (0.8%).

These signs point to the possibility of an ADA ETF soon. ADA may increase its institutional exposure and market momentum if the SEC approves it.

In other August news, Charles Hoskinson, the founder of Cardano, is set to release an audit report later this month. The review focuses on Input Output Global’s (IOG) 2021 ADA token management.

Three months after Hoskinson was accused of stealing ADA tokens, the audit was conducted. In an attempt to set the record straight before significant network and market events like the approval of a Spot ETF, he has hinted that a defamation lawsuit is still possible after the report is made public.