NYSE Arca Files to List a Cardano ETF
A subsidiary of the New York Stock Exchange has filed a proposal to create a Cardano exchange-traded fund (ETF) on behalf of Grayscale.
This is part of a larger trend as multiple firms seek approval for crypto funds. The proposed Grayscale Cardano Trust will be listed on NYSE Arca, withody Trust Company, LLC as the custodian and BNY Mellon Asset Servicing as the administrator.
The exchange believes that this will increase competition and benefit investors and the market. This filing is the second part of a two-step process for proposing a spot crypto ETF to the US Securities and Exchange Commission, and once acknowledged, the SEC will begin their approval process.
With the new administration, it is expected that the SEC will be more open to approving these types of funds.
Other firms have also proposed crypto ETFs, including ones tied to popular cryptocurrencies like Dogecoin, XRP, Litecoin, and Solana, as well as a memecoin based on President Donald Trump.
