NYSE Arca Seeks SEC Approval for Grayscale’s Cardano ETF
NYSE Arca, a subsidiary of the NYSE Group, has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Grayscale Cardano Trust. If approved, this would be Grayscale’s first standalone Cardano (ADA) exchange-traded fund (ETF).
According to the filing, Coinbase Custody Trust Company would serve as the custodian of the assets, while BNY Mellon Asset Servicing would act as the administrator.
In its proposal, NYSE Arca emphasized that introducing an ADA-based exchange-traded product would increase competition in the market and provide greater investment opportunities for traders.
Growing Interest in Crypto ETFs
Grayscale’s move to introduce a Cardano ETF follows a series of recent filings from the firm. On February 6, the SEC acknowledged Grayscale’s request to convert its existing Solana trust into a spot Solana ETF, a development considered significant after previous SEC rejections of similar filings.
Additionally, on January 30, NYSE Arca filed a 19b-4 request to transition Grayscale’s XRP trust into a spot ETF.
Since President Donald Trump took office, there has been a surge in applications from asset managers seeking approval for crypto ETFs. On February 6, Cboe BZX Exchange submitted filings on behalf of multiple firms, including Canary Capital, WisdomTree, 21Shares, and Bitwise, to introduce the first spot XRP ETFs in the U.S.
Furthermore, on January 28, Cboe BZX Exchange refiled applications for spot Solana ETFs on behalf of 21Shares, Bitwise, VanEck, and Canary Capital, signaling continued momentum in the cryptocurrency ETF market.
