Grayscale, a leading crypto asset manager, has taken another step toward expanding its exchange-traded product offerings. In a recent filing with the U.S. Securities and Exchange Commission (SEC), NYSE Arca, a subsidiary of the NYSE Group, proposed a rule change to list and trade shares of the Grayscale Cardano Trust as a spot Cardano ETF.
Grayscale’s First Standalone Cardano Investment Product
If approved, the fund would be Grayscale’s first standalone investment product for Cardano (ADA), allowing investors to gain exposure to ADA without directly holding the asset. According to the filing, Coinbase Custody Trust Company would act as the custodian, while BNY Mellon Asset Servicing would serve as the fund’s administrator.
NYSE Arca emphasized in the filing that approving the spot Cardano ETF would enhance market competition and benefit investors by providing an additional crypto-based investment vehicle.
Grayscale Expands ETF Push Amid SEC Scrutiny
Grayscale’s latest filing comes as the company aggressively pursues ETF conversions for its crypto trusts. Just days earlier, on Feb. 6, the SEC acknowledged Grayscale’s amended filing to convert its existing Solana trust into a spot Solana ETF. Bloomberg ETF analyst James Seyffart noted that this acknowledgment was significant, as the SEC had previously avoided taking similar steps for Solana (SOL) ETF proposals.
Meanwhile, on Jan. 30, NYSE Arca also submitted a 19b-4 filing to transform Grayscale’s XRP trust into a spot ETF, further broadening the company’s push into regulated crypto investment products.
Grayscale isn’t the only firm moving quickly to secure approval for spot crypto ETFs. On Feb. 6, the Cboe BZX Exchange submitted 19b-4 filings on behalf of asset managers Canary Capital, WisdomTree, 21Shares, and Bitwise, seeking approval for the first spot XRP ETFs in the U.S.
The competition in the Solana ETF space is also heating up. On Jan. 28, Cboe BZX refiled 19b-4 applications for 21Shares, Bitwise, VanEck, and Canary Capital to list spot Solana ETFs.
With crypto ETF filings accelerating, all eyes are now on the SEC to see how it responds to this growing wave of institutional interest in crypto investment products.
