NYSE Arca Files to List Grayscale’s First Spot Cardano ETF
NYSE Arca, a subsidiary of the NYSE Group, has officially filed a proposal with the U.S. SEC to list and trade shares of a Grayscale Cardano Trust, marking the asset manager’s first standalone investment product for the ADA cryptocurrency.
NYSE Arca, a subsidiary of the NYSE Group, has officially filed a proposal with the U.S. SEC to list and trade shares of a Grayscale Cardano Trust, marking the asset manager’s first standalone investment product for the ADA cryptocurrency.
According to the February 10 filing, Coinbase Custody Trust Company will act as the custodian for the fund’s assets, and BNY Mellon Asset Servicing will serve as the administrator. Coinbase highlighted that the approval of this product aims to enhance market competition and expand investment options for traders.
“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,”
NYSE Arca stated in its filing.
The cryptocurrency ETF space is experiencing a significant increase in filings. Bloomberg ETF analyst Eric Balchunas highlighted that this is just one of nearly 60 cryptocurrency ETF proposals submitted this year. This reflects the rapid pace at which asset managers are manoeuvring to introduce new investment products amid evolving regulatory attitudes.
On January 30, NYSE Arca also submitted a 19b-4 filing seeking to convert Grayscale’s XRP Trust into a spot ETF. Meanwhile, other firms are vying for their approvals. On February 6, Cboe BZX Exchange lodged filings on behalf of four asset managers—Canary Capital, WisdomTree, 21Shares, and Bitwise—to list the first spot XRP ETFs in the U.S.
Additionally, Cboe BZX Exchange refiled applications on January 28 for 21Shares, Bitwise, VanEck, and Canary Capital to introduce spot Solana ETFs.
Notably, Grayscale is pushing for a Cardano ETF as part of its effort to expand cryptocurrency offerings. On February 6, the SEC acknowledged Grayscale’s amended filing to convert its Solana Trust into a spot Solana ETF, a move that had previously faced regulatory challenges. Bloomberg ETF analyst James Seyffart noted that the SEC’s engagement with this filing represents a shift, as past attempts to approve Solana-based ETFs were denied.
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