Grayscale Cardano Trust (GADA) is a passive investment vehicle that holds ADA, the native token of the Cardano blockchain, on behalf of shareholders. Each share represents a fractional ownership interest in the Trust's ADA holdings, and shares trade on NYSE Arca like a stock, giving retail and institutional investors exposure to ADA price movements through standard brokerage accounts without requiring direct custody of the token. The Trust is sponsored by Grayscale Investments Sponsors, an indirect subsidiary of Digital Currency Group. Grayscale charges a Sponsor's Fee of 2.5% annually of the Trust's NAV, accrued daily and paid in ADA by reducing the Trust's holdings — meaning the amount of ADA per share gradually declines over time. In exchange, Grayscale covers most ordinary operating expenses including custody, administration, and audit costs. The Trust may eventually earn additional revenue through ADA staking, as Cardano uses a proof-of-stake consensus mechanism, but staking has not yet commenced pending satisfaction of a regulatory and tax condition. Currently, shares can only be created or redeemed via cash orders through Authorized Participants, with a third-party liquidity provider handling ADA purchases and sales; in-kind creation and redemption is not yet permitted. Cardano was launched in 2017 and is overseen by three entities: IOG, the Cardano Foundation, and EMURGO. ADA has a maximum supply of 45B tokens, with roughly 35.4B in circulation as of September 2025.