Key Points
- The filing was made under NYSE Arca Rule 8.201-E.
- This marks the first ETF proposal for ADA in the US.
According to the latest reports, NYSE Arca has just filed a 19b-4 application with the US SEC for a Cardano (ADA) ETF on behalf of Grayscale. This is the first application for a Cardano ETF.
Cardano ETF Filing Details
In a post on X, Bloomberg’s Eric Balchunas noted that while this is the first application for a Cardano ETF in the US, it’s also the 60th crypto ETF filed this year so far.
NYSE Arca is a subsidiary of the New York Stock Exchange and its move comes amidst multiple efforts to launch various new crypto ETFs in the country.
The SEC filing was launched today, February 11, and proposes creating a Grayscale Cardano Trust. The custodian would be Coinbase Custody Trust Company, LLC and the administration would be BNY Mellon Asset Servicing, according to the official filing.
The First ADA-Based Product
In the documents, NYSE Arca said that the Exchange notes that the proposed rule change would facilitate the listing and trading of an additional type of ETP, and the first such product based on ADA which would enhance competition among market participants, to the benefit of investors and the marketplace.
The 19b-4 form filed with the SEC involves a filing by the exchanges on behalf of issuers and it’s the second part of a two-step process for proposing a spot crypto ETF to the US SEC. After the regulator acknowledges the filing, it will be published in the Federal Register, initiating the agency’s approval process.
Lately, under the new Trump administration in the US, multiple efforts have been made to launch various new ETFs.
It’s also worth noting that recently, the US SEC acknowledged Grayscale’s Solana ETF 19b-4 filing, with a potential approval later this year.
