365Crypto
ETF Filing Acknowledged
The U.S. Securities and Exchange Commission (SEC) has acknowledged a proposal from NYSE Arca to list and trade shares of the Grayscale Cardano Trust, a spot Cardano ETF¹. This marks the first step toward potential approval, starting the SEC’s review process.
How the ETF Works
The proposed ETF will track Cardano’s price using an index that surveys major crypto exchanges, including Coinbase, Crypto.com, Bitfinex, and Kraken. Investors won’t hold ADA² directly but will own shares in the trust, offering exposure to the asset without needing to manage or store it.
Coinbase Custody is set to act as the ETF’s custodian, while BNY Mellon will handle administrative services.
Rising Wave of Crypto ETFs
This filing comes amid a flood of crypto ETF applications under the SEC’s new leadership. Recently, the SEC acknowledged filings for spot XRP and Dogecoin ETFs by Grayscale, as well as a BlackRock iShares Bitcoin Trust (IBIT) options proposal.
The demand for crypto ETFs has surged following the inauguration of President Donald Trump, who is seen as crypto-friendly. On Feb. 24, Nasdaq also filed for an HBAR ETF, while several other cryptocurrency-related ETF applications were acknowledged on Feb. 19 and 20.
¹ Exchange-Traded Fund (ETF) – A financial product that tracks the price of an asset and trades on stock exchanges.
² ADA – The native cryptocurrency of the Cardano blockchain.
