- Grayscale’s Cardano ETF filing could open doors to regulated ADA investment options.
- SEC’s review of Grayscale’s crypto ETFs signals growing institutional interest in crypto.
- Financial firms push for spot XRP and Solana ETFs, reflecting rising crypto demand.
Grayscale, a leading crypto asset manager, has filed to launch a spot Cardano exchange-traded fund (ETF) in the United States. The move, made through NYSE Arca, marks the firm’s first standalone Cardano investment product.
The filing, submitted on Feb. 10, proposes a rule change to allow NYSE Arca to list and trade shares of the Grayscale Cardano Trust. If approved, this ETF would offer investors direct exposure to Cardano without needing to hold the asset themselves.
BREAKING: Grayscale files for a Cardano $ADA ETF! pic.twitter.com/aQBQ52oAxv
— Altcoin Daily (@AltcoinDailyio) February 10, 2025
Coinbase and BNY Mellon to Handle Custody and Administration
The proposed ETF would have Coinbase Custody Trust Company as its custodian, ensuring the safekeeping of the digital assets. Additionally, BNY Mellon Asset Servicing is set to act as the fund’s administrator. The filing highlights that introducing this investment product could enhance market competition, benefiting both investors and the broader financial ecosystem.
Grayscale’s attempt to launch a Cardano ETF comes as the firm actively seeks regulatory approval for other crypto-related ETFs. The SEC has been reviewing multiple filings from asset managers looking to bring spot crypto ETFs to the U.S. market.
SEC Reviews Multiple Crypto ETF Filings
In recent weeks, Grayscale has made several strategic filings. On Feb. 6, the SEC acknowledged the firm’s request to convert its existing Solana trust into a spot Solana ETF. Bloomberg ETF analyst James Seyffart noted that the SEC had previously rejected similar attempts for Solana, making this acknowledgment significant.
UPDATE: SEC just acknowledged the @Grayscale Solana 19b-4. This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL pic.twitter.com/m2D88GKG5i
— James Seyffart (@JSeyff) February 6, 2025
Grayscale also filed to convert its XRP trust into a spot ETF on Jan. 30 through NYSE Arca. If approved, these conversions would further expand the range of regulated crypto investment options available to investors.
Rising Interest in Crypto ETFs
Grayscale’s filings align with a broader push by financial firms to launch crypto ETFs. On Feb. 6, Cboe BZX Exchange filed applications on behalf of multiple asset managers, including WisdomTree, Canary Capital, Bitwise, and 21Shares, to introduce spot XRP ETFs in the U.S.
Similarly, asset managers such as VanEck, Bitwise, 21Shares, and Canary Capital have refiled for spot Solana ETFs, demonstrating a growing demand for regulated crypto investment products.
