Grayscale Investments pursues Cardano ETF approval evident in the latest filing by NYSE Arca to the US SEC.
Grayscale Investments seeks to expand its exchange-traded funds (ETFs) offer by adding Cardano to the Bitcoin and Ethereum funds. The asset management firm aims to unveil ADA ETF per the New York Stock Exchange (NYSE) per its Monday, Feb 10 update. The NYSE Arca confirmed filing the 19b-4 form acting on behalf of the issuer to effect the proposed rule change.
The submission by NYSE Arca to the US Securities and Exchange Commission (SEC) aims for the Grayscale Cardano ETF to track the underlying altcoin performance. As such, the spot ADA ETF will offer retail and institutional investors easier exposure to the ninth-largest digital asset.
Grayscale Pursues SEC Approval for Cardano ETF
The NYSE Arca filing stands out as the pioneer spot ETF bid solely on Cardano in the US. Additionally, it represents the first independent product for Grayscale centered on ADA.
While Grasycale already grants Cardano exposure via the Smart Contract Ex-Ethereum Fund (GSCPxE) and the Digital Large Cap Fund (GDLC), the new product focuses entirely on this altcoin market performance.
The approval of Grayscale’s bid for Cardano ETF would be the pioneer exchange-traded product for this blockchain. Securing the SEC greenlight for Cardano ETF would add to Grayscale’s existing crypto ETFs lineup. The list currently features the Grayscale Bitcoin Trust ETF, Ethereum Trust ETF, Bitcoin Mini Trust ETF, and Ethereum Mini ETF.
Grayscale clarified the proposed rule change aimed at promoting just and equitable trade principles. The firm reiterated that it would shield investors and public interest given the substantial information on ADA price and market. Such is available in professional and subscription services.
Per theGrayscalee filing, the rule change sought for the ADA ETF is within the NYSE Arca Rule 8.201-E. It facilitates the Commodity-Based Trust Shares listing.
The filing clarifies that Coinbase Custody Trust Company is designated to hold ADA in cold storage. Also, the Delaware Trust Company will serve as the trustee upon the approval of the Cardano ETF.
Notably, only Bitcoin and Ethereum Spot ETFs have been approved for trading in the US since their debut last year. As investors await the SEC’s decision on Cardano ETF approval, crypto enthusiasts are optimistic that the regulatory agency will greenlight XRP, Solana, and Dogecoin ETFs in the coming months.
Grayscale offers 20 crypto-focused investment products, including Dogecoin, Solana, and Avalanche trusts. The management firm seeks to replicate the path to spot Bitcoin ETF by converting the Bitcoin Trust launched in 2013. This is evident in Grayscale filing to convert the Solana, Dogecoin, and XRP trusts into the spot ETFs.
Cardano Rallies on Filing News
The revelation of the ETF filing by Grayscale Investments triggered significant price action for ADA. The 14% leap elevates ADA to change hands at $0.815 to rank the ninth-largest per market value now at $28.825 billion per CoinGecko data. The dramatic intraday surge boosts this altcoin’s weekly gains to nearly 6%, thus reversing the market correction witnessed in the previous week.
The strong rally positions ADA as the largest gainer over the past 24 hours, closely trailed by Kaspas (KAS), which is 10% up to change hands at $0.1013 per CoinGecko data.
Rapid Crypto ETF Filings
The Grayscale ADA ETF filing adds to the longer list of crypto-related ETF applications. It reflects the growing investor confidence as it marks the 60th such filing in 2025.
Recent filings feature applications for Solana, Dogecoin, and XRP ETFs. The Tuttle Capital filings last month illustrate that it sought eight leveraged ETFs, one linked to Cardano. Nasdaq has also filed 19b-4 seeking approval to list CoinShares’ XRP and Litecoin ETFs.
These developments signal the accelerated momentum within the crypto ETF space as asset managers aim to capitalize on and satisfy the growing investor demand. Lastly, the bold move by Grayscale portrays increasing confidence in Cardano (ADA) as a critical player within the broader crypto ecosystem.
Editorial credit: rafapress / Shutterstock.com