Grayscale Files Application For Spot Cardano ETF

NYSE Arca has submitted a filing on behalf of Grayscale to launch a spot Cardano (ADA) ETF. If granted approval, this would mark the first independent investment product by Grayscale focused on Cardano.

Fostering Competition

The filing notes that Coinbase Custody Trust Company would act as the custodian for the assets, while BNY Mellon Asset Servicing would serve as the administrator.

According to the filing, NYSE Arca stated that the proposed rule change will facilitate the listing and trading of an additional type of exchange-traded product, the first of its kind based on ADA, which will foster competition among market participants, ultimately benefiting investors and the marketplace.

Several Proposals

The filing comes during a time when Grayscale recently filed and amended several similar proposals. On February 6th, the SEC acknowledged the amended filing to convert its Solana (SOL) trust into a spot Solana ETF. On January 30th, Grayscale filed a 19b-4 via NYSE Arca to convert its XRP trust into a spot XRP ETF.

Following the election of U.S. President Donald Trump, many other asset managers have been submitting similar crypto ETF applications. On February 6th, Cboe BZX Exchange submitted 19b-4 filings on behalf of asset managers Canary Capital, WisdomTree, 21Shares, and Bitwise to list the first spot XRP ETFs in the U.S.