First Step for Grayscale’s Cardano ETF!

On February 24, the SEC announced that it had accepted Grayscale Cardano Trust’s application for review. This marks the beginning of the process that will ultimately determine whether the ETF will be approved.

NYSE Arca submitted the application on behalf of Grayscale to the SEC on February 10. The proposed ETF will track the price of Cardano based on an index that surveys daily prices from exchanges such as Coinbase, Crypto.com, Bitfinex, and Kraken.

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Investors in the ETF will not directly purchase Cardano (ADA) but instead hold shares of the trust. Coinbase Custody Trust Company will provide custody services, while BNY Mellon Asset Servicing will serve as the transfer agent and administrator.

Growing Number of Crypto ETF Approvals!

The SEC has recently been reviewing numerous crypto-related ETF applications. These include Cboe’s XRP ETF, Grayscale’s spot XRP and Dogecoin ETFs, and BlackRock’s iShares Bitcoin Trust (IBIT) options filings.

Additionally, on February 24, Nasdaq applied for approval to list an ETF holding Hedera Network’s (HBAR) native token. On February 19-20, the SEC acknowledged several other crypto ETF filings, including those related to staking, options, in-kind redemptions, and new altcoin funds.

Following the inauguration of a crypto-friendly U.S. President, interest in crypto ETFs has surged. Investors are closely watching how the SEC will approach these applications in the coming months.

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