tl;dr
Grayscale Investments plans to launch a Cardano exchange-traded fund (ETF) on the New York Stock Exchange. NYSE Arca submitted a form for a proposed rule change on behalf of the issuer. The filing led to a 12% increase in the price of Cardano (ADA), making it the largest gainer among the top 10 cryp...
Grayscale Investments plans to launch a Cardano exchange-traded fund (ETF) on the New York Stock Exchange. NYSE Arca submitted a form for a proposed rule change on behalf of the issuer.
The filing led to a 12% increase in the price of Cardano (ADA), making it the largest gainer among the top 10 cryptocurrencies. If approved, Grayscale's Cardano ETF would be the first of its kind for the blockchain.
Grayscale currently offers over 20 crypto-related investment products, with the Delaware Trust Company serving as the trustee of the Cardano ETF. The firm has also filed to convert existing trusts for Solana, XRP, and Dogecoin into spot ETFs.
Cardano (ADA), the ninth-largest cryptocurrency by market capitalization, has jumped 12% on the day to $0.748 on news of the Cardano ETF filing. It's the largest gainer over the last day among the top 10 coins by market cap.
If approved, Grayscale's Cardano ETF would be the first exchange-traded product for the blockchain, and would join Grayscale’s lineup of crypto ETFs, which includes the Grayscale Bitcoin Trust ETF, Bitcoin Mini Trust ETF, Ethereum Trust ETF, and Ethereum Mini ETF.
According to the filing, the proposed rule change for the Cardano ETF falls under NYSE Arca Rule 8.201-E, which allows the listing of "Commodity-Based Trust Shares." The Delaware Trust Company serves as the trustee of the Cardano ETF, while the Coinbase Custody Trust Company holds the Trust’s ADA in cold storage.
As investors wait to see if the Cardano ETF is approved, the crypto faithful are optimistic that other ETFs— including Dogecoin, XRP, and Solana ETFs—will be approved in the coming months. Grayscale itself has filed to convert other existing trusts into spot ETFs, including trusts for Solana, XRP, and Dogecoin.