Grayscale and NYSE Arca File to Launch US-Based Spot Cardano ETF

Grayscale and NYSE Arca File to Launch US-Based Spot Cardano ETF

Grayscale, a leading crypto asset management firm, has teamed up with NYSE Arca to file for the launch of a spot Cardano exchange-traded fund (ETF) in the United States. The filing, submitted on February 10, proposes a rule change to the U.S. Securities and Exchange Commission (SEC) that would allow the stock exchange to list and trade shares of the newly proposed Grayscale Cardano Trust.


If approved, this would mark Grayscale’s first standalone investment product focused exclusively on Cardano (ADA), the cryptocurrency launched in 2017 as a proof-of-stake alternative to Bitcoin and Ethereum. In the proposed structure, Coinbase Custody Trust Company will act as the custodian of the assets, while BNY Mellon Asset Servicing will serve as the administrator.


The filing highlights the benefits of introducing a spot Cardano ETF to the market, stating that it would “enhance competition among market participants, to the benefit of investors and the marketplace.” NYSE Arca further emphasized that this product would expand the range of exchange-traded products available and provide greater access to Cardano for institutional and retail investors alike.


Grayscale’s move to file for a Cardano ETF follows a recent surge of similar filings by the company, signaling its intent to expand its footprint in the cryptocurrency investment space. Just a few days prior, on February 6, the SEC acknowledged Grayscale’s amended filing to convert its existing Solana Trust into a spot Solana ETF—a significant development, as the SEC had previously rejected similar attempts for Solana ETFs. Bloomberg’s ETF analyst James Seyffart highlighted the significance of this shift, noting that the SEC had refused similar filings for Solana in the past.


In addition to these developments, Grayscale filed a 19b-4 on January 30 to convert its XRP Trust into a spot XRP ETF. These efforts are part of a broader trend in the industry, where asset managers are rushing to secure approval for crypto-related ETFs amid increasing institutional interest in digital assets.


The momentum for crypto ETFs has intensified following the election of U.S. President Donald Trump, with several major exchanges and asset managers filing 19b-4 applications for products based on other major cryptocurrencies. On February 6, Cboe BZX Exchange filed on behalf of asset managers including Canary Capital, WisdomTree, 21Shares, and Bitwise to list the first spot XRP ETFs in the United States. Additionally, Cboe BZX Exchange refiled 19b-4 forms for asset managers such as 21Shares, Bitwise, VanEck, and Canary Capital to list spot Solana ETFs in late January.


These filings reflect the increasing competition in the cryptocurrency ETF space as investors continue to show strong demand for products that provide exposure to digital assets. As Grayscale seeks SEC approval for its Cardano ETF, the growing interest in such products underscores the continued maturation of the cryptocurrency market and its acceptance into traditional financial markets.


Should the SEC approve Grayscale’s Cardano ETF, it could pave the way for more crypto-focused investment products, offering investors easier access to digital assets through familiar financial instruments like ETFs.

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