Cardano ($ADA) is gaining traction among institutional investors, with Grayscale increasing its exposure to $ADA in its Smart Contract Platform Ex-Ethereum Fund, where $ADA now comprises 20% of the fund. This move suggests rising demand for $ADA, especially as the Cardano blockchain is set for upgrades. Additionally, Hashdex has added $ADA to its Nasdaq Crypto ETF, further boosting institutional interest. Despite this, speculation remains about the approval of a Cardano spot ETF, with only 25% of traders on Polymarket betting on its approval by 2025. The SEC's classification of Cardano as a security in lawsuits against Binance and Coinbase could impact ETF approval.