Grayscale Files for Spot Cardano ETF in the US

Crypto asset management company Grayscale has filed an application with the US Securities and Exchange Commission (SEC) through NYSE Arca to launch a spot Cardano ETF in the US.

NYSE Arca Files Application to List Grayscale’s Cardano ETF

On February 10, according to a proposed rule change filing submitted to the SEC, the NYSE Arca exchange requested an amendment to allow it to list and trade shares of the Grayscale Cardano Trust.

If approved, the product would be Grayscale’s first standalone Cardano mutual fund.

According to the application:

• Coinbase Custody Trust Company will provide custody of ADA assets.
• BNY Mellon Asset Servicing will handle the fund’s administrative duties.

This proposed rule change would facilitate the listing of a new type of product for exchange-traded funds (ETFs) and would be the first ADA-based product, NYSE Arca said in its filing.

SEC’s Decision Process and Crypto ETF Trends

Grayscale’s Cardano ETF application comes amid growing interest in crypto ETFs.

• On February 6, the SEC accepted Grayscale’s application to convert its existing Solana Trust into a spot Solana ETF. Bloomberg ETF analyst James Seyffart found this development significant in that the SEC changed its previous stance on Solana ETF applications.
• On January 30, NYSE Arca filed to convert Grayscale’s XRP Trust into a spot XRP ETF.
• Other major asset management companies such as 21Shares, Bitwise, VanEck and Canary Capital have also renewed their Solana ETF applications and filed with the SEC to offer it to the US market.

Increasing Crypto ETF Filings After Trump

After the inauguration of US President Donald Trump, many major asset managers quickly began filing new crypto ETF applications.

In particular:

• On February 6, Cboe BZX Exchange filed for the first spot XRP ETFs in the US on behalf of Canary Capital, WisdomTree, 21Shares and Bitwise.
• On January 28, Cboe BZX Exchange renewed spot Solana ETF applications on behalf of 21Shares, Bitwise, VanEck and Canary Capital.

Grayscale’s Cardano ETF application could be a critical test of how the SEC’s stance on crypto ETFs will shape up. If this application is approved, it will open a new institutional investment door for Cardano (ADA) investors.

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