NYSE Arca files for Grayscale-backed Cardano ETF
NYSE Arca, a subsidiary of the New York Stock Exchange, has filed for a spot Cardano (ADA) exchange-traded fund (ETF) on behalf of Grayscale.
The filing, submitted via a 19b-4 form, aims to establish the Grayscale Cardano Trust, with Coinbase Custody Trust Company as the custodian and BNY Mellon Asset Servicing as the administrator. If approved, this would be the first ADA-based ETF in the U.S., allowing investors to gain exposure to Cardano without directly purchasing the cryptocurrency.
The SEC's review of crypto-related ETFs has accelerated under the new administration. Recently, firms have filed proposals for ETFs tied to Dogecoin, XRP, Litecoin, Solana, and even a memecoin associated with Donald Trump. The Cardano ETF filing follows a broader trend of expanding cryptocurrency investment products.
In addition to the Cardano ETF, the SEC is also reviewing a proposal from Cboe BZX Exchange to allow in-kind redemptions for the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF. This move marks a shift from the cash redemption model initially required for Bitcoin ETFs approved last year.
Implications for the market
Cardano, the ninth-largest cryptocurrency with a market cap exceeding $25 billion, could see increased institutional interest if the ETF gains approval. The SEC’s decision on this and other pending applications will signal the regulatory stance on further crypto integration into traditional finance.
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