NYSE Arca has filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale’s new Cardano Trust as a spot exchange-traded fund (ETF). If approved, this would be Grayscale’s first standalone investment product based on Cardano (ADA). Competitive Benefits According to the February 10 filing, Coinbase Custody Trust Company is set to act as the custodian for the Cardano Trust, while BNY Mellon Asset Servicing will handle administrative responsibilities. NYSE Arca emphasized the importance of the proposed product, stating it would enhance competition among market participants and benefit both investors and the broader marketplace. “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,” the filing noted. This latest filing follows Grayscale’s recent push to expand its offerings, including an amended application on February 6 to convert its existing Solana trust into a spot Solana ETF. Bloomberg ETF analyst James Seyffart highlighted the importance of this amendment, noting that the SEC had previously rejected similar requests for Solana-based products. Rising Wave of Crypto ETF Filings The cryptocurrency industry has witnessed a surge in ETF applications since Donald Trump’s election as U.S. President. On February 6, Cboe BZX Exchange filed 19b-4 proposals on behalf of four asset managers — Canary Capital, WisdomTree, Bitwise, and 21Shares — to list the first spot XRP ETFs in the U.S. Grayscale has also sought to convert its XRP trust into a spot ETF through a January 30 filing with the SEC. Additionally, Canary Capital, VanEck, and other major asset managers are in contention to launch spot Solana ETFs, following Cboe BZX Exchange’s refiled applications on January 28. As regulatory dynamics shift, the market eagerly awaits the SEC’s decision on these applications. Approval of the latest Cardano ETF proposal could mark a milestone for ADA-based investment products and pave the way for further growth in the U.S. crypto investment landscape. The post NYSE Arca Files to Launch Grayscale’s First Spot Cardano ETF appeared first on TheCoinrise.com .
