Hassan Maishera
TL;DR
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NYSE Arca has filed for a spot Cardano ETF on behalf of Grayscale with the SEC.
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The regulator is currently reviewing several crypto ETF applications, including those filed for XRP, Solana, Dogecoin, and Litecoin.
Grayscale Seeks to Launch a Cardano ETF
NYSE Arca, a New York Stock Exchange subsidiary, has filed for a spot Cardano ETF on behalf of Grayscale. The exchange filed a 19b-4 form on Monday on behalf of Grayscale to form a proposed Grayscale Cardano Trust.
According to the filing, Coinbase Custody Trust Company, LLC will serve as the custodian, while the administrator will be BNY Mellon Asset Servicing.
In the filing, NYSE Arca said,
"The Exchange notes that the proposed rule change will facilitate the listing and trading of an additional type of exchange-traded product, and the first such product based on ADA, which will enhance competition among market participants, to the benefit of investors and the marketplace."
Exchanges file the 19b-4 form on behalf of issuers. The filing is the second part of a two-step process for proposing a spot crypto ETF to the U.S. SEC. Once the regulator acknowledges the filing, it will be published in the Federal Register, initiating the agency's approval process.
The past few months have seen several crypto firms file various crypto ETFs with the SEC. Currently, there are ETF applications that, if approved, would enable the firms to offer investment vehicles tied to Dogecoin (DOGE), Solana (SOL), XRP, Litecoin (LTC), and Cardano (ADA). The applications are pouring in thanks to the crypto-friendly nature of the Trump administration.
ADA is up 11% in the last 24 hours and now trades at $0.7441. Cardano is the 9th-largest cryptocurrency, with a market cap of $26 billion.
