Grayscale, NYSE Arca file to launch US-based spot Cardano ETF
2025-02-11
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NYSE Arca, a subsidiary of the NYSE Group, has filed on behalf of crypto asset manager Grayscale to launch a spot Cardano exchange-traded fund (ETF). 
In a Feb. 10 proposed rule change filing to the SEC, NYSE Arca proposed that the stock exchange list and trade shares of a new Grayscale Cardano Trust. 
If approved, the product would be Grayscale’s first standalone Cardano (ADA) investment product.
According to the filing, Coinbase Custody Trust Company would be the custodian of the assets, and BNY Mellon Asset Servicing would serve as administrator. 
“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,” wrote NYSE Arca in the filing. 
Grayscale’s request to list a Cardano ETF comes amid a slew of similar filings and amendments from the asset manager in recent weeks. 
On Feb. 6, the SEC acknowledged Grayscale’s amended filing to convert its existing Solana trust into a spot Solana SOLUSD ETF. 
“This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL,” Bloomberg ETF analyst James Seyffart said.
On Jan. 30, NYSE Arca lodged a 19b-4 filing to convert Grayscale’s XRP trust into a spot ETF.
Since the election of US President Donald Trump, a swathe of other asset managers have rushed to lodge applications for similar crypto ETF products. 
On Feb. 6, Cboe BZX Exchange filed 19b-4 filings on behalf of four asset managers — Canary Capital, WisdomTree, 21Share, and Bitwise — to list the first spot XRP ETFs in the United States. 
21Shares, Bitwise, VanEck and Canary Capital are also in the running to list spot Solana ETF after Cboe BZX Exchange refiled 19b-4s on their behalf on Jan. 28.