Grayscale has filed to launch a spot Cardano ETF

Once the SEC confirms, the filing will be published in the Federal Register, which will initiate the approval process

11.02.2025 - 09:30

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3 min

What’s new? NYSE Arca, a subsidiary of NYSE Arca, has filed a Form 19b-4 on behalf of Grayscale to create a Cardano exchange-traded fund. According to the filing, Coinbase Custody Trust Company, LLC will be the custodian, and BNY Mellon Asset Servicing will be the administrator.

“The Exchange notes that 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 said in the filing.

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What else is known? Form 19b-4 is filed by exchanges on behalf of issuers and is the second part of a two-step process to offer a spot crypto ETF to the US Securities and Exchange Commission (SEC). Once the SEC confirms, the filing will be published in the Federal Register, which initiates the agency’s approval process.

In the past few weeks, firms have offered a slew of crypto ETFs, from those tied to Dogecoin and President Donald Trump’s meme coin to others based on XRP, Litecoin, and Solana. The SEC is expected to take a friendlier approach to cryptocurrencies under the new administration.

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On February 6, the Cboe BZX exchange filed 19b-4 applications on behalf of four asset managers — Canary Capital, WisdomTree, 21Share, and Bitwise — to list the first spot XRP ETF in the United States.

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